Italian CONSOB Adds 5 New Unauthorized Financial Websites to Its Blacklist

The Italian financial watchdog CONSOB has ordered the black-out of 5 new websites that offer financial services illegally, bringing the total number of websites blacked out to 1013.

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

• StormInvest (website www.storminvest.org);

• Nextgentrading (website https://nextgentrading.io and related pages https://client.nextgentrading.io and https://webtrader.nextgentrading.io);

• Finexleaders (website www.finexleaders.eu);

• AI2Trade Ltd (website www.ai2trade.com and related pages https://trading.ai2trade.com and https://panel.ai2trade.com);

• Axia Group Ltd and "Axiacvs" (website www.axiacvs.co and related pages https://client.axiacvs.co and https://webtraderapp.net).

The Authority availed itself of the powers deriving from the "Decreto crescita" ("Growth Decree" Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), 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 regulator explained that it can take several days for the black-out of these websites due to technical reasons.