Number of unauthorized investment websites blocked in Italy surpasses 160

Source: FinanceFeeds 2020-02-29

Italy’s Consob has issued orders for the blocking of access to seven unauthorized online trading websites.

Italy’s Companies and Exchange Commission (CONSOB) keeps making use of the powers granted to it under the so-called “Growth Decree”. On February 27, 2020, the regulator said it issued orders for the blocking of access to seven websites of entities that offer investment services to Italian residents without having the necessary permission to do so.

The seven websites are listed below:

Prime-Investfx Ltd (www.prime-investx.com);
“4FX Royal” (https://4fxroyal.com);
GlobalFx Ltd (https://globalfxs.org);
Light Media Ltd (www.wincapitalpro.com);
“AJ Asset” (https://aj-asset.com and https://platform.aj-asset.com);
“VirtualStocks” (https://virtualstocks.io).

The total number of websites which have been blocked by Consob since last July has thus risen to 161. A week ago, the Italian regulator ordered the blocking of seven other websites.

The activities for the blocking of the websites by the Internet service providers, operating on the Italian market, are ongoing. For technical reasons it can take several days for the black-out to come into effect.

Let’s note that, in addition to blocking of access to unauthorized websites, Consob uses other measures to protect investors. In December 2019, for instance, the Italian regulator banned Rodeler Limited, the Cypriot parent of 24fx and 24option, 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.

Consob explained back then that the measure was necessary as Rodeler Limited had 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.

Number of unauthorized investment websites blocked in Italy surpasses 160

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