Italian regulator keeps blocking unauthorized Forex websites
Italy’s Companies and Exchange Commission (CONSOB) continues issuing orders for the blocking of unauthorized investment websites, including ones run by illicit Forex firms.
Today, the regulator announced that it has issued orders for the so-called “black out”, that is, blocking of access from Italian territory, to six websites offering investment services to Italian investors without having the necessary permission to do so.
The latest additions to the list of blocked webpages include:
- “Axedo” (www.axedo.co);
- “Fxfinancepro” and “Globalinvestfx” (https://fxfinancepro.com and https://client.fxfinancepro.com);
- Think Market 247 Ltd (www.thinkmarket247.com and https://trade.thinkmarket247.com);
- Donnybrook Consulting Ltd (https://energy-markets.io, https://energy-markets.cc and webtrader.energy-markets.cc);
- Universe Citizen Limited (www.fxcitizen.com).
In issuing these orders, Consob made use of the powers granted to it under the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). The law allows Consob to order Internet service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization. The number of websites blacked out since July 2019, when Consob got the power to issue such orders, has now risen to 360.
The blocking of these websites is ongoing. For technical reasons, it can take several days for the black-out to be implemented.
Let’s note that the blocking of access to online trading websites can have much more serious repercussions than one might expect. It does not only affect the access of a client to a broker’s website. It also may affect the partnerships of a broker whose website is blocked. A noteworthy example in this respect is the failed deal between IC Markets and FC Inter Milan. The failed sponsorship deal, in turn, has led to a lawsuit.