Italy’s CONSOB blocks 5 extra web sites, whole reaches 955

Italy’s Corporations and Change Fee (CONSOB) has ordered the blocking of 5 new web sites that provide monetary providers with out the required authorization.

The web sites focused by the newest set of orders are:

  • Axiancefx (web site;
  • Funding Analysts (web site and associated web page;
  • Switchtrades Ltd (web site and web page;
  • High Markets Ltd (web site and associated web page;
  • BTC System Pty Ltd (web site https://btcsystem.internet).

In issuing the orders the Authority availed itself of the powers deriving from the “Decreto crescita” (“Progress Decree”; Regulation no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the premise of which Consob can order Web service suppliers to dam entry from Italy to web sites providing monetary providers with out the right authorization.

The variety of web sites blocked since July 2019, when Consob obtained the ability to order that the web sites of fraudulent monetary intermediaries be blacked out, has thus risen to 955.

The black-out of those web sites by Web service suppliers working on Italian territory is ongoing. For technical causes, it could actually take a number of days for the blocking to be applied.

Consob attracts buyers’ consideration to the significance of adopting the best diligence so as to make knowledgeable funding selections, adopting widespread sense behaviors, important to safeguard their financial savings. These embrace, for web sites that provide monetary providers, checking upfront that the operator with whom they’re investing is permitted, and, for affords of monetary merchandise, {that a} prospectus has been printed.

To this finish, Consob reminds the general public that on the web site there’s a part on the homepage, “Look ahead to Scams!”, offering helpful data to warn buyers towards financially abusive initiatives.