The Italian Companies and Exchanges Commission (CONSOB) has ordered that the websites of three forex companies will be blocked for non-compliance with regulatory instructions. PrimeInvestFX is one of them. CONSOB made this statement earlier today. Is PrimeInvestFX a scam or reliable?
15 December, 2019 | AtoZ Markets – Priminvestfx is a DMA broker, which provides 65 currency pairs and 33 CFD products. It also gives its clients a variety of products and trading options, according to its website. Besides, Priminvestfx does not have the necessary authorization to provide investment services, so it has earned CONSOB’s blacklist.
CONSOB Issues New Warnings to Block Three Websites
On November 29, CONSOB orders to block six unauthorized forex trading firms. Today, it has ordered the blocking of three websites of entities. Those are not authorized to offer investment services in Italy, but which continue to do so. To do this, the regulator uses the powers conferred on it by the “Decreto Crescita.” Based on that, CONSOB may order Internet service providers to block access to unauthorized websites offering financial services from/in Italy.
The three websites are:
- Priminvestfx Ltd (priminvestfx.com);
- Goldtech Media Services Oü (fin-fnr.com);
- Globalix Ltd (global-x.io).
The number of sites blocked by Consob has risen to 101 since July 2019. Website blocking activities in the Italian market are ongoing. For technical purposes, it may take some days before the blackout takes effect.
CONSOB Performed a Precautionary Measure Against Hoch Capital Ltd
At the start of the week, Consob implemented a precautionary measure against the Cypriot company Hoch Capital Ltd. Also, it prohibited the company from carrying on its activities in Italy.
This is the first time that the Consob has exercised this power, provided for in article 7 of the Consolidated Finance Law (TUF). The measure was necessary after recurring violations of existing regulations by Hoch Capital Ltd. However, the following reports sent by the CONSOB to CySEC itself.
The Italian regulatory authority reports that there have been several investor complaints about serious irregularities committed by the Cypriot brokerage company. The complaints relate in particular to activities such as trading in difference contracts (CFD).
According to the regulator, it is committed to protecting the interest of Italian investors. Therefore, it will continue to monitor and penalize investment companies who do not follow the due registration process.
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