Italy’s Consob adds more unauthorized FX websites to “blackout” list
Italy’s Companies and Exchange Commission (CONSOB) keeps issuing orders for the blocking of unauthorized investment websites, including ones run by illicit FX entities. Today, the Italian regulator said it had issued orders for the blocking of access to five more websites.
The entities (and websites) targeted by the latest set of orders are:
- RevolutionFX (https://revolution-fx.io and https://revolution-fx.cc);
- DMA Direct AB (https://dmadirectab.com and related page https://client.dmadirectab.com);
- Capitalcom Investment (www.capitalcominvestment.com);
- Broker Major Ltd (www.brokermajor24.com).
In ordering the “blackout” of the above-mentioned websites, Consob made use of a piece of legislation called the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). It allows the regulator to order Internet service providers to block 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 the “Growth Decree” came into force, has thus risen to 368. Last week, the regulator issued orders for the blocking of access to the websites run by Emperiumfx, 360 Trading Networks Sdn Bhd, Team North Partners Ltd and Colespite Partners Ltd.
Consob notes that the process of blocking the unauthorized websites may take a several days to complete due to purely technical factors.
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.