Italian Regulator CONSOB Tradelux Group warning


The Italian regulator CONSOB is following footsteps of European regulators to curtail binary options activities and root out unregulated companies from the country. Hence, CONSOB Tradelux Group warning is the latest addition to its alert list.

11 October, AtoZForex - Italian regulator has updated its blacklist with another unlicensed binary options firm Tradelux Group Ltd. La Commissione nazionale per le società e la Borsa (CONSOB) warning list features the names of unlicensed firms in Italy. According to CONSOB, the firms target local investors or made fraudulent claims association with regulated entities.

CONSOB Tradelux Group warning details

CONSOB claims the binary options broker Tradelux Group Ltd operating its website through https://optionint.com. Also, it recommended that Italian investors avoid trading with this broker and its affiliates.

Considering the issue, CONSOB advises Italian investors to check its registers before they deposit any funds with a broker, especially if the related broker used aggressive marketing techniques. You can check the reliability of the broker here.

Six more unauthorized firms in Italy

In September, the Italian regulator added six companies to its warning list which were also under global regulators lens. Also, the watchdog believes that the firms were carrying out services and operations in breach of the Italian Law.

The listed companies are:

  1. Paydiamond Marketing & Sales Limited (www.paydiamond.com)
  2. Get Marketing Ltd (midasglobe.com)
  3. Uniqueness and Faith PA Ltd (netobrokers.com)
  4. Binext Solutions srl and Binext Global Ltd (10trading.com)
  5. Vip Markets; and
  6. Nordic Pearl Limited

However, in fact, other global regulators have already issued public warnings about some of these companies. These regulators include the Financial Conduct Authority (FCA), the Financial Market Authority from Austria, and Comisión Nacional del Mercado de Valores (Spain).

As well as, other watchdogs, such as the Swiss Financial Market Supervisory Authority (FINMA), the Polish Financial Supervision Authority, and the Danish Financial Authority also have been warning about these firms. In addition, the watchdog published a list of those financial entities which are listed by other European financial regulators.

The Italian regulator follows in the footsteps of other authorities in Europe which have recently taken serious steps to curtail binary options activities and stem the flow of unregulated and non-compliant companies.

However, these steps aim to establish a hostile environment by imposing strict regulations, such as the French ban on all online advertising by binary options and forex providers. In some places , here is even an outright ban on the industry.

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