Consob Targets Unauthorised Crypto-Asset Operators and Financial Scams

In a recent enforcement move, the Italian securities regulator Consob has used its new powers under the European regulation on crypto-assets (MiCAR) to block two unauthorised crypto-asset operators. The blocked websites, linked to the operators 'Dobibo' and 'Fameexn,' were found to be offering services without proper authorization. The action was taken under resolutions no. 23422 and 23423, issued on 12 February 2025.

The blocked websites associated with Dobibo include dobibo.com, dobibo1.com, and dobibo2.com, while Fameexn's websites are fameexn.top and fameexn.com

In addition to targeting crypto-related abuses, Consob has also been addressing fraudulent activities that misuse the names of well-known institutional or business figures. One such case involved the website fininvestonline.com, which was found advertising financial services while improperly referencing the Fininvest/Mediaset brands and members of the Berlusconi family. Consob previously issued a similar order last November, affecting sites impersonating well-known public figures.

Further actions against unauthorised financial intermediaries have led to the blocking of four additional websites. These include:

• ​TORO500: toro500.com and client.toro500.com (Resolution no. 23428, 12 February 2025)

• ​Trading42 Ltd - Trading42 Financial: trading42.co.com and panel.trading42.co.com (Resolution no. 23427, 12 February 2025)

• ​Fpmarketseu: fpmarketseu.net (Resolution no. 23426, 12 February 2025)

• ​AllFinanz Plus: allfinanzplus.com and client.allfinanzplus.com (Resolution no. 23424, 12 February 2025)

These measures are part of Consob's ongoing efforts to curb financial abuses online. Since gaining the authority to block fraudulent financial intermediary websites in July 2019, Consob has taken action against a total of 1,226 websites.

The blacking out of these sites by Italian internet service providers is in progress, though due to technical reasons, it may take several days for the measures to be fully implemented.

Consob continues to advise investors to exercise caution when making investment decisions. The regulator emphasizes the importance of verifying that operators offering financial services or crypto-assets are authorised and that proper documentation, such as prospectuses or white papers, has been published.

For more information and updates on ongoing enforcement actions, investors can visit Consob's official website, where a dedicated section titled "Watch for Scams!" provides valuable advice on avoiding fraudulent initiatives.

Source: Consob