Italian Regulator orders blocking of six unauthorized Forex Trading Websites. These orders were issued under the Growth Decree. That allows the Italian regulator to order ISPs for blocking access to those illegal websites in Italy.
04 November 2019, AtoZMarkets – CONSOB (Italian Companies and Exchange Commission) is the Italian governmental authority. It is responsible for the Italian securities market regulation. Also, that includes the regulation of the Italian Stock Exchange, the Borsa Italiana.
Italian Unauthorized Forex Trading Websites
CONSOB has once again made use of the powers under the so-called Growth Decree. It orders to block more websites. Those websites are operated by online trading companies that are not allowed to offer their services to Italian investors.
The latest orders, released today, are for the following six websites:
- TomCom Limited (https://royalfxpro.eu);
- Bonatech Ltd and Mitchell Group EOOD (https://ccxcrypto.com);
- Next Trade Ltd and TLC Consulting Ltd (https://aspenholding.co and https://aspen-holding.com);
- Trader Platinum (www.traderplatinum.com);
- London Capital Trade Ltd (www.londoncapitaltrade.net).
The regulator notes that implementing access restrictions takes time. And that should come into effect within a few days.
Read More: Crypto DXExchange shuts down
CONSOB already issued blocking orders for several websites
Until 2017, CONSOB issued “warnings” about the risks associated with services offered by unauthorized operators. That addressed only the general public. However, since 2018, with the application of the new European regulation on the provision of investment services (Mifid2), the instruments given to CONSOB. That has considerably strengthened by the allocation of the unique power to order the cessation of the infringement of unauthorized operators.
As a result, CONSOB had only the ability to request the cancellation of the Italian version of the abusive sites to the hosts. CONSOB regularly makes use of the powers granted to it by the “Growth Decree.” The regulator issued blocking orders for 20 websites of online trading companies in October 2019.
As AtoZMarkets pointed out earlier, the Italian securities regulator warned on 30 September against another list of companies. The list includes 4xRoyal Ltd., Game Capital Ads Ltd., Kronosinvest, Sky Hub Limited, and Zuitex, among others. Therefore, those engaged in illegal and misleading business practices. Those are also with respect to the promotion of several financial products.
CONSOB blacklisted websites deal with crypto-focused assets and CFDs. Also, the Italian regulator has warned those brokers offer cryptocurrency trading services without having the proper permissions. However, it continuously updates one of the most comprehensive lists of unauthorized financial service providers. That list for those who are operating illegally in Italy. Thus, the trader should avoid these blacklisted-brokers for safe transactions.
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