Italy’s CONSOB Warns of Unauthorised FX Broker

The Commissione Nazionale per le Società e la Borsa (CONSOB), Italy’s financial regulator, issued a warning on Monday against another unlicensed FX brokerage firm called Capital Swiss FX.

December 11, 2018 | AtoZ Markets - Italy’s National Commission for Companies and the Stock Exchange (CONSOB), an independent statutory body responsible for regulating the Italian financial markets, has updated its warning list with another unauthorized CFD broker by the name Capital Swiss FX that is operating through

The Italian regulator has therefore warned that Italian investors avoid dealing with this broker and its affiliates.

AtoZMarkets has also discovered that the said broker offers cryptocurrency trading services. However, the Italian watchdog has also warned that the brokerage firm does this without having their approval.

Earlier in July 2018, AtoZMarkets reported that the regulators blacklisted the entity called Trade Com Limited for facilitating trades in digital currencies without having the required authorization by the officials. 

This follows in line with other authorities in Europe which have recently taken serious actions to curb crypto-related activities and stem the flow of unregulated and non-compliant companies.

Europe Considers Crypto Regulation

Back in September, ministers of economic and financial affairs from 28 member nations of the European Union (EU) held an informal meeting in Vienna, Austria, concerning the challenges posed by digital assets and the possibility of tightening regulations. 

At the moment, financial institutions have been allowed to deal in virtual currencies, nevertheless, they are advised to wait until formal regulations are announced. Still, if Italy’s stance contradicts with that of the broader EU or other member states, potential complications may arise.

CONSOB Warns Against a List of Financial Entities

The Italian regulator has also published a warning against a list of financial firms that have also been listed as trading scams by other European financial regulators. Hence, CONSOB advises Italian investors to always verify if a broker is registered before depositing any of their funds, most importantly, if the related broker used aggressive marketing techniques.

As the public authority responsible for regulating the ‎Italian financial ‎markets, CONSOB’s main activity is ‎protecting the investing public.

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