Italian regulator orders blocking of more FX websites
Italy’s Companies and Exchange Commission (CONSOB) keeps its efforts to block access to unauthorized FX websites. The regulator today announced that it has issued orders for the “blackout” of five abusive websites that target Italian investors without having the necessary licenses to do so.
Below are the websites Consob has ordered to be blacked out:
- “Atlasfx” (website https://atlasfx.co);
- S.P. Inc (website www.quantumfx.eu and related page https://client.bbgroupfx.site);
- Digital Exchange Limited and Securex Plus Solution EOOD (website www.dgxlimited.io);
- Think Market 247 Ltd and RL Ltd (website https://thinkmarket247.net and related page https://trade.thinkmarket247.net);
- “Finlay” (website https://finlay.world and the pages https://finlay.live and https://webtrader.finlay.live).
The number of websites blacked out since July 2019, when Consob got the power to order such “blackouts”, has thus risen to 457. Last week, the regulator ordered the blocking of six unauthorized online trading websites.
In issuing the orders, Consob made use of the powers deriving from the “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 the websites through which financial services are offered without due authorization. Many of these websites offer CFD, FX and cryptocurrency trading.
A prominent example of a website of a Forex broker blocked in Italy is that of IC Markets. This case also demonstrates that the blocking of a website can have much more serious effect on a business rather than a warning.
The activities for the blocking of the sites by Internet service providers are in progress. For technical reasons, the implementation of the blackout may take a few days.