CONSOB Blocks 5 Unauthorized Websites Offering Financial Services


Italy’s financial regulator CONSOB has issued a notice to block 5 websites for conducting unauthorized trading services within the country.

November 27, 2020 | AtoZ Markets – The Companies and Exchange Commission (CONSOB), the Italian financial regulator, has announced on Friday that it has issued orders for the blocking of access to 5 websites that illegally offer financial services to investors based in Italy.

CONSOB block 5 websites offering financial products without authorization

Again, CONSOB has decided to use the powers it has been granted under the so-called “Growth Decree” to order the blocking of five websites that offer financial services without due authorization. The five websites are:

  • B.O. Tradefinancials Ltd (website www.accessfxtrade.com)
  • Capital Letter GMBH e Capital Letter Ltd (website www.brightfinance.co);
  • NewTraders Holdings Ltd (websites www.toltechfx.com, www.cmcxxmarket.com and www.newtradersholdings.com).

With the “Growth Decree” powers, CONSOB has ordered Internet service providers (ISPs) to block access to these websites offering and/or advertising various financial products without the proper prospectus.

Currently, the process needed to block the aforementioned websites through the various Italy-based ISPs, are currently in progress.

xm.com
95/100
xm.com Review
Visit Site
eToro
90/100
eToro Review
Visit Site
XTB
80/100
XTB Review
Visit Site

The procedure itself takes a few days to implement, due to the technical work needed to remove a website’s access from an entire country.

Websites blocked by CONSOB rises

Meanwhile, the total number of websites CONSOB had blocked since it gained its powers back in 2019, has risen up to 340.

CONSOB regularly updates on the blocking of illegal online trading websites each week. On November 23, the regulator ordered the blocking of five websites. These websites are usually operated by entities that offer FX, CFD, and crypto-asset trading services.

Think we missed something? Let us know in the comment section below.

Leave a Reply

Your email address will not be published. Required fields are marked *