CONSOB Blocks Six Unauthorized Forex Trading Firms


The Italian regulator CONSOB orders the blocking of six websites of unauthorized forex trading firms. However, the number of unauthorized online trading sites blocked by the Italian Consob has increased to 94.

29 November, 2019 | AtoZ MarketsThe Italian Commission of Companies and Exchanges (CONSOB) continues to use the power of “Growth Decree.” Today, the CONSOB announces that it has ordered the blocking of Italy’s access to six unauthorized forex trading firms.

Six Unauthorized Forex Trading Firms

Those websites belong to entities that are not allowed to offer financial services in Italy but continue to solicit investments from Italian customers. The six websites are:

  • Orion Consulting Ltd (www.kapitalswiss.com);
  • CapitalTechFX (https://capitaltech24.com);
  • Game Capital Ads Limited (https://360worldbtc.com and https://it.360worldbtc.com);
  • Maximus Global Markets Ltd (https://evolutionbrokers.com);
  • ActivBroker Ltd (https://activbroker.com).

Thus, the number of sites blocked since July rises to 94, according to Consob estimates.

The “Growth Decree” extended Consob’s powers far beyond. Consob can issue warnings against fraudulent brokers or remove Italian versions of the websites of illegal entities. Thanks to the “Growth Decree” (Law No. 58 of June 28, 2019, Article 36, paragraph 2-tendencies). The regulator obtained the power to order Internet service providers to block access to the Internet sites of unauthorized online trading companies.

Last week, Consob ordered the blocking of five websites:

  • Redal Ltd (https://richmondfx.com);
  • Rmt 500 Ltd (https://rmt500.com);
  • Globalfx Ltd (https://globalfx.org);
  • Premium Solutions Ltd (https://thepremiumbrokers.com);
  • Aj Asset Management (www.ajassetmanagement.com).

The regulator notes that it can take several days before the ISPs implement the blocking of the websites.

Read More: German New AML Law Allow Banks to Offer Cryptocurrencies from 2020

Italy Has No Specific Laws for Cryptocurrencies

So far, Italy has no specific legislation governing cryptocurrencies. However, regulators in the country have only tried to define virtual assets exclusively for anti-money laundering purposes. Virtual cryptocurrency is a digital representation of value which is not issued by a central bank or public authority.” It is not necessarily linked to a legal tender currency. Also, it can be used as a medium of exchange for purchases of goods and services, electronically transferred, stored and traded”.

 However, recently, the Ministry of Finance has completed its consultations on the registration and reporting requirements of the blockchain industry. The bill also provides that cryptographic exchanges must fully report their activities to the authorities. Moreover, this is an addition to the previous decree published in May 2017.

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