Italian Regulator CONSOB Adds 5 Forex Brokers to Warning list

Italian regulator CONSOB adds 5 Forex brokers to warning list, thus cautioning investors not to deal with any of the entities on the list. Is your broker reliable?

20 March, AtoZForex The key financial markets regulator in Italy, La Commissione nazionale per le società e la Borsa (CONSOB), has updated its warning list with the names of additional brokers that are believed to illegally operate in the country.

Italian Regulator CONSOB Adds 5 Forex Brokers to Warning list

The official press release from the Italian regulator states:

“In accordance with art. 7- octies, letter b) of Italian Legislative Decree n.58/1998 (Consolidated Law on Finance – TUF), the National Commission for Companies and the Stock Exchange has ordered the following companies to cease the infringement of art. 18 of the TUF consisting of the provision of unauthorized investment services and activities to the Italian public:

Milton Group Ltd and Kyoto Limited Ltd, put in place through the (resolution n. 20337 of March 14, 2018);

Velmon Enterprise Ltd, put in place through the websites and (resolution n. 20336 of March 14, 2018);

IBA Group Ltd, put in place through the website (resolution n. 20338 of March 14, 2018);

Capzone Invest Ltd, put in place through the website (resolution n. 20339 of March 14, 2018).”

The regulator strongly advises Italian investors not to trade with these companies. The CONSOB has also adopted a measure that prohibits the offer to the Italian investors in relation to the investment programme “Elect Capital”, in the breach of arts. The offer has been suspended as a precautionary measure for 90 days with resolution n. 20241 of December 20, 2017.

Previous CONSOB warning

Earlier this February, the CONSOB has warned investors about a number of other entities operating in the country. The brokerages are operating online and include the following firms: Iforex24 Ltd(, Smart Choice Zone Lp and Titanium Tech Solutions Limited(, Nostro Technology Ltd ( and Black Parrot Limited – Blonde Bear Ou (

CONSOB has advised Italian investors to avoid trading with these entities.

Moreover, the Italian regulator has suspended for a period of 90 days the promotional activity that has been carried out via the website The activity was related to the public offering by Five Winds Asset Management.  The regulator mentioned that it has taken such measure due to the fact that the firm had no authority to provide investment services across the country.

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

    Share Your Opinion, Write a Comment