Consob Intensifies Crackdown on Unauthorised Online Financial Services, Blocking 16 Websites

Italy's financial market regulator, Consob, has taken decisive action against illicit online financial activities, ordering the blackout of 16 additional websites. This move underscores the regulator's ongoing efforts to protect Italian investors from fraudulent schemes operating within the digital sphere.

Consob's actions are grounded in the powers granted by the "Decreto crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). This legislation empowers Consob to mandate that Internet service providers operating within Italy block access to websites that offer financial services without the necessary authorizations.

The newly blacklisted websites represent a range of alleged unauthorized financial service providers, including those using names that falsely associate themselves with popular trends, such as "Quantum AI" and even falsely using the name of Elon Musk. The full list of blocked websites is:

• ​"Quantum AI App Trading" (websites https://quantumaiapp.it and https://quantum-ai.in);

• ​"Newgrtdeals" (website https://newgrtdeals.com);

• ​"Piattaformaditradingdielonmusk" (website https://piattaformaditradingdielonmusk.it);

• ​"Quantum AI Co" (website https://quantumai.co);

• ​"Quantum AI Piattaforma and Quantum AI Official" (websites https://quantumaipiattaforma.it and https://quantumaiofficial.com);

• ​"Quantum AI Platform" (website https://quantumaiplatform.com);

• ​"Orbimount" (website https://orbimount.io and page https://trade.plf-tchb.com);

• ​"Zeon Global Ltd (website https://zeon-lim.com and page https://my.zeon-lim.com);

• ​"Hyper-trades" (website https://hyper-trades.com and page https://trade.hyper-trades.com);

• ​"Vex-Group" (website https://vex-group.pro);

• ​PO Trade Ltd (website https://po.life);

• ​Asset Management International Ltd (website https://assetmanagementint.com and page https://clientzone.assetmanagementint.com);

• ​"FPQuantumAI" (website https://fpquantumai.net);

• "Quantumworld" (website https://quantumworld.it and page https://cfd.earnpro99.com).

Consob has emphasized the importance of investor vigilance, urging individuals to conduct thorough due diligence before engaging with any online financial service provider. The regulator stresses the need to verify that any financial operator is properly authorized and that any offered financial products have a published prospectus.

The regulator also made it clear that the total number of blocked websites since they gained this power in 2019, has now risen to 1291. Consob has provided resources for investors to check on authorized companies, and to learn about scams, on their official webpage. They have also pointed out that due to technical reasons, the blocking of the web pages can take several days to fully complete.