Italian Regulator Blocks Six Financial Services Websites


Italian regulator CONSOB blocks six financial services websites. Since July, the number of unauthorized trading websites blocked under orders issued by CONSOB has risen to 77, the regulator said today.

11 November 2019, AtoZMarkets – The Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian Financial regulator, has published on its website a statement ordering the closure of six sites. That illegally offers financial services.

Italian Regulator Block Financial Service Websites

The six entities are:

  • Lion Finance Ltd (https://cfd2fxpro.com),
  • Globalix Ltd (www.globalix.co),
  • UAB Elnira (https://alltrademarkets.com),
  • Grandtrade.exchange (https://grandtrade.exchange)
  • BTB Corporate LT (https://bcapitalprofit.com)
  • Selinusinvestment.com (www.selinusinvestment.com)

In July of this year, CONSOB acquired the power to order Internet connectivity service providers. The power is to prevent access from Italy to websites. For which financial services are offered without appropriate authorization.

The obscuring activities of the sites by internet connectivity providers operating on the Italian market are ongoing. For technical reasons, the real blackout may take a few days, according to the statement.

Read More: Former ECB Chief Claims Bitcoin is Not Real

Already blocked 77 sites

Since acquiring these powers earlier in the year, the Italian regulator has ordered the blocking of 77 sites in the country. In today’s warning entities, already three websites seem not to work, or it cannot be accessed. Those are Globalix Ltd, Selinusinvestment.com and BTB Corporate LT.

The other three entities are Lion Finance, UAB Elnira, and Grandtrade.exchange. All seem to be Forex companies and other assets to be traded. The first on the list, Lion Finance, offers currencies, commodities, indices, stocks, cryptocurrencies, exchange-traded funds (ETFs), and futures. The company claims to provide technology for the trading industry.

UAB Elnira, on the other hand, claims through its website to offer customers the same services as brokers. But that is without the same level of fees. Besides, AllTradeMarkets is one of the few financial services providers in the industry. Also, its revenues come solely from the success of its customers.

The last entity, Grandtrade.exchange, declares that it is a dedicated forex trading platform. It also says that its headquartered is in Cyprus. But that has a global reach.

As AtoZMarkets pointed out earlier on 4 November, the Italian regulator was also ordering the blocking of six unauthorized Forex trading websites. These are TomCom Limited, Bonatech Ltd and Mitchell Group EOOD, Next Trade Ltd and TLC Consulting Ltd, Trader Platinum, London Capital Trade Ltd. However, online trading companies operate these websites. Furthermore, they don’t allow to offer their services to Italian investors.

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

    Share Your Opinion, Write a Comment