Italy’s Consob orders blocking of more websites of unauthorized online trading entities

Source: FinanceFeeds 2020-02-01

The number of websites blocked under the “Growth Decree” has thus risen to 131.

Italy’s Companies and Exchange Commission (CONSOB) has announced that it has ordered the blocking of access to seven more websites of online trading entities that are not authorized to offer financial services in Italy.

The latest additions to the list of blocked websites are:

ForTradersFX Ltd (www.fortradersfx.com);
Gembell Limited Services – PO TRADE LTD – Tifiya Group s.r.o. (www.pocketoption.com);
FAH Investment LTD (www.web.cryptozone24.com);
Muller Enterprise Ltd (www.aurumpro.co, https://aurumprofin.cc and https://aurum-pro-finance.cc);
FSM Smart Ltd (www.fsmsmarts.com).

In ordering the blocking of the websites, the Commission made use of the powers resulting from the ‘Decreto Crescita’ (‘Growth Decree’, Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies). The number of websites blocked under the “Growth Decree” has already reached 131. This number includes websites of entities that offer investment in instruments such as FX, binary options and cryptocurrencies, but have no authorization to do so.

The actions for the blocking of the websites by Internet service providers are underway. For technical reasons it can take several days for the “blackout” to be implemented.

In order to protect the public from unauthorized investment schemes, Consob has also used precautionary measures. These have targeted Hoch Capital Limited and Rodeler Limited, the Cypriot parent of 24fx and 24option. Consob explains that the measure was necessary as Rodeler Limited has been repeatedly violating the regulations in force despite the directions of the Cyprus Securities and Exchange Commission (CySEC), issued in response the reports sent by Consob to the CySEC.

Rodeler Limited is now banned from providing investment services in Italy and from making solicitations and acquisitions of new clients in the country as well as to continue its relations with Italian clients. The investment firm must be compliant with the detailed orders given by the Italian clients for closing the open accounts.

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Italy’s Consob orders blocking of more websites of unauthorized online trading entities

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