CONSOB has issued a notice today to shut down 8 websites for conducting illegal trading services within the country.
February 10, 2020 | AtoZ Markets –The Italian Companies and Exchange Commission (CONSOB), has made another blocking order earlier today. Within, Consob ordered Italy’s various Internet service providers (ISPs) to bar access to four websites within Italy’s territory.
CONSOB orders blackout of 8 websites offering financial services
The websites in question belong to various entities that solicit investments from Italian customers without the proper authorization. The six sites in question are fxonspot.com, cryptobase.ltd, cryptobase.life, gotechfx.com, alliance-capital.io, alliance-capital.cc, www.marketsfx.it, and profx247.com. Six of today’s blacklisted sites offer forex and CFDs trading. The CONSOB warning also features the names of two businesses that are dealing in crypto assets, either in the form of the underlying coins or its related derivatives such as CFDs.
With the latest salvo fired, CONSOB has now blocked 8 illegal trading websites. Thanks to the so-called “Growth Decree” of the Italian government. Consob made use of the same decree in November 2019, blocking six other trading websites as well.
Through the use of the ‘Growth Decree’ or ‘Decreto Crescita,’ the Italian regulator has the power to order the country’s ISPs to block Italy’s access to various websites that offer various financial services without the proper authorization from CONSOB. The law in question refers to Law no. 58, June 28, 2019. Article 36, paragraph 2.
The number of sites blacked out since July last, when Consob got the power to order blackouts, has thus risen to 139.
The Decreto Crescita law
Before the law was put in place in 2018, CONSOB could only publish “warnings” when it comes to the risks associated with financial services offered by illegal operators. They addressed these warnings to the general public, but they could not do much more than that. In 2018, new European regulations came forth through the provision of investment services, allowing CONSOB to do far more than it previously could. The new power allowed them to terminate infringements of the various unauthorized operators.
This power only stretched to Italian versions of the various sites, however. CONSOB could ask for the local version to be removed, but not the international one. With the new laws in place, CONSOB is capable of barring all sites on Italian soil that it deems a risk to the Italian public.
An important note is that CONSOB states that the actual process of blocking a site will take several days to fully implement due to various technical factors.
Droplets in the sea
While this amount of power is somewhat dangerous in the wrong hands, it’s more than likely that Consob has no agendas when it comes to this. Illegal financial investment platforms is a problem all across the world, with Italy taking a more radical measure than others.
The Italian government is trying to take a bucket and drain a lake. There will simply be too many illegal and unauthorized investment platforms online to handle properly. All Consob is doing is making sure the most damage can be avoided.
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