Italy regulator CONSOB bans new brokers and is far from done


Italy regulator CONSOB bans new brokers, continuing its fight against fraud in the financial market. The regulator has added 5 new names to its alert list.

31 May, AtoZForex The La Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian financial regulator, has issued a warning against a number of unregulated brokers. The new entities' names list comprises Binary Options brokerages, CFDs and Forex brokers. The CONSOB warning lists the following names: Spot2Trade Ltd., BT Systems Ltd., and CRLink ltd., Keyds Lydya Ltd., and Keyds Scotland LP.

Italy regulator CONSOB bans new brokers

The CONSOB has cautioned the public against dealing with brokers with no regulation. Specifically, the official warning from the Italian watchdog states:

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“The company Spot2Trade Ltd is not authorized to perform investment activities and services in Italy, by any means and, therefore, including via the website www.spot2trade.com;

The companies BT Systems Ltd and CRLink Limited are not authorized to perform investment activities and services in Italy, by any means and, therefore, including via the website www.fxcmarkets.com;

The companies Keyds Lydya Ltd and Keyds Scotland LP are not authorized to perform investment activities and services in Italy, by any means and, therefore, including via the website www.pips-fx.com.”

The Italian regulator warns investors’ community in Italy against dealing with these companies. The CONSOB has banned all of the firms from performing any investment activities, including the online trading platform provision.

Latest CONSOB warning against Up4X

Earlier this May, the Italian regulator has issued a warning to investors’ community. Specifically, the warning from the Italian watchdog cautions investors against dealing with a Retail Forex broker UP4X. The parent firm of the brokerage is Up4X Ltd. The UP4X is operating online via website up4x.com. Moreover, the firm claims to provide CFDs, Forex, Indices, and Stocks trading platforms.

The visit to the official website of the firm revealed that the company is claiming to be regulated ‘worldwide’:

‘“UP4X” (www.”Up4X”.com) is a registered brand name of ”Up4X” Ltd., a company authorized and regulated Worldwide.’

However, according to the Italian regulator CONSOB, the firm is at least lacking the trading license to operate in Italy. Moreover, the watchdog has stated it its official announcement that UP4X has no authority to solicit and provide investment services to Italian citizens.

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