CONSOB has ordered to close 5 new forex websites that abusively offer financial services.
May 27, 2021 | AtoZ Markets – CONSOB, the Italy’s Companies and Exchange Commission, in its desire to block access to unauthorized and fraudulent foreign exchange websites announced today that it has issued orders for the definitive closure of five abusive websites that target Italian investors without having the necessary licenses to do so.
The websites that were closed correspond to:
– S.P. Inc
The Authority availed itself of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which CONSOB can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
The Italian regulator has been making a great effort for some time now to try to stop fraudulent websites that offer their products without any license in the country.
Meanwhile, the number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 457.
Let’s remember that last week it had already closed six other sites in the net.
Also, CONSOB draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings.
These include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, CONSOB would remind you that on the website www.consob.it there is a section on the homepage, “Watch for Scams!”, providing useful information to warn investors against financially abusive initiatives.
The Italian watchdog has also advised traders that if you are contacted by or if you come across a domain/website which offers you the opportunity for trading online (i.e. trade on binary options and/or forex transactions) please verify first of all if it is authorized.
Every authorized subject must be included in the SIM list kept by CONSOB. To check with the list click here.
On the CONSOB website, you can also control the list of all the EU investment firms operating in Italy.
Mr. Investor, remember to always check where your funds are to avoid unpleasant surprises. Always trade with the best brokers and to do so, check our list of the brokers with the best ratings in the market
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