October 1, 2019, | AtoZ Markets - CONSOB decided in June to follow in the footsteps of ESMA, banning binary options and also extended CFDs restrictions. Italy's securities regulator on September 30 warned against another list of firms. Those were found engaging in "unlawful" and "misleading" marketing practices concerning the promotion of several financial products.
La Commissione Nazionale per le società e la Borsa (CONSOB) has updated its blacklist with new FX and crypto-focused brands including 4xRoyal Ltd, Game Capital Ads Ltd, Kronosinvest, Sky Hub Limited, and Zuitex, among many others.
CONSOB unregulated brokers
CONSOB decided to follow in the footsteps of ESMA in early June and banning the sale of binary options to retail customers. It also extended its restriction against promoting the contracts for difference (CFDs) to non-professional investors.
In June, CONSOB decided to follow in the footsteps of ESMA, prohibiting the trade of binary options to retail customers and extending the restriction to the promotion of contracts for difference (CFD) to non-professional investors.
CONSOB warns that some retail trading products were remarkably inhibited with the problem on consumers to recognize the risks associated with financing in unregulated assets. The Commission has used the new powers derived from the 'Decreto Crescita.' Under it, CONSOB now orders Internet access providers to block access from Italy to websites that offer financial services without proper authorization.
The black-out of these websites by internet access providers operating on the Italian market is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Blacklisted companies and websites are given below:
- 4xRoyal Ltd (https://4xroyal.com);
- Game Capital Ads Ltd (https://it.247worldbtcfx.com);
- Kronosinvest (https://www.kronosinvest.co);
- Sky Hub Limited (https://4xincome.com);
- Zuitex (https://www.zuitex.com).
CONSOB blacklist also features the names of businesses which are dealing with crypto assets and CFDs. The Italian regulator warned that the said brokers offer cryptocurrency trading services without having the proper permissions.
CONSOB always keeps and updates one of the most comprehensive lists of unauthorized financial service providers that are operating illegally in Italy. So, the trader should avoid those blacklisted brokers for safe trading.
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