Italian Regulator CONSOB Warns Against Crypto Broker Trade Com Limited


Italian regulator CONSOB warns against crypto broker Trade Com Limited. According to the watchdog, the company has been targeting Italian residents without any valid authorization.

17 July, AtoZ Markets The Italian financial markets regulator, La Commissione nazionale per le società e la Borsa (CONSOB), has issued a warning on its website concerning the entity called Trade Com Limited. 

Italian Regulator CONSOB Warns Against Crypto Broker Trade Com Limited

The company Trade Com Limited appears to deal in cryptocurrencies and Forex. The regulator has blacklisted the company following the fact that is was found facilitating trading in digital currencies without having the necessary authorization by the officials. The authorization is required from all the entities that are planning to provide ‎‎investment services or activities in the country.

CONSOB has made it clear that Trade Com Limited does not hold any valid license of any kind. The authority has added that the company is operating under the brand name CryptoFX Online and it not registered to promote its advertised products in Italy. 

In addition, CryptoFX Online comes as the latest entity to make it to the warning list of the Italian watchdog. The brokerage is operating online via https://cryptofxonline.com. It is understood that is it claiming to be registered in St. Vincent and the Grenadines.‎

Italian Cryptocurrency Regulations

The warning appears as yet another instance of Italian officials going after illegal cryptocurrency brokers. In fact, the CONSOB has been pretty active in this sector, thus following the footsteps of other European officials that are aiming to regulate cryptocurrency businesses in their territories. The key mission of those authorities is to eliminate the flow of unregistered companies. 

Italy has decided to allow financial institutions to deal in cryptocurrencies, but they would need to wait for the enactment of the official regulations. It is possible that there will be some complications in case Italy’s position does not come in line with that of other EU member states.

Moreover, the CONSOB has published a caution note regarding a number of financial firms that have been blacklisted by other European financial regulators. 

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