CONSOB Orders Blackout of 4 Websites Offering Financial Services

Consob has ordered the blackout of 4 new websites that abusively offer financial services.

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.

Below are the websites Consob has ordered to be blacked out:

- "XTBINVESTING" (website www.xtbinvesting.io and related page https://client.xtbinvesting.io);

- "Invest Union Ltd" (website www.investunionltd.io and related page https://client.investunionltd.io);

- "AdmiralECN Cyprus" (website www.admirals-ecn.com and related page https://my.mtpexperts.com);

- "Cryptoneyx" (website https://cryptoneyx.io).

The watchdog has ordered the black-out of 5 new websites, but for technical reasons, it can take several days for the black-out to come into effect.

The commission availed itself of the new powers resulting from the 'Decreto Crescita' ('Growth Decree'; Law no. 58 of June 28, 2019, article 36), on the basis of which CONSOB can order internet service providers to block access from Italy to websites offering financial services without the proper authorization. 

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 758.