Italy’s financial regulator CONSOB has issued a notice to block 5 websites for conducting illegal trading services within the country.
November 23, 2020 | AtoZ Markets – The Companies and Exchange Commission (CONSOB), continues to make use of the powers granted to it under the so-called “Growth Decree”. The Italian watchdog on Monday announces 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 websites offering Italians illegal financial services
The websites targeted by the latest set of orders are:
- ForTradersFx Ltd (website www.for-tradersfx.com);
- "Mibtrades" (website www.mibtrades.com);
- "Iacademy" (website www.iacademy.io and url iacademy.io);
- GAM Group Ltd and Llc Ic Prime Broker (website https://marketsfx.co);
- Hbc Market Ltd and Zentrale Zahlstelle Ltd (website).
Websites blocked by CONSOB rises
The total number of websites Consob had blocked since it gained its powers back in July 2019, has risen up to 335. Moreover, in ordering Internet service providers (ISPs) to “black out” the websites, the authority refers to the “Growth Decree”. This piece of legislation allows the blocking of access to an illicit financial services website from Italian territory. It, however, takes several days to implement the blocking.
Before the “Growth Decree” was implemented, Consob typically counted on warnings in order to protect investors from getting involved with fraudulent investment schemes.
Consob usually updates on the blocking of illegal online trading websites each week. Last week, the regulator ordered the blocking of five websites. These websites are usually operated by entities that offer FX, CFD, and crypto-asset trading services.
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