Italy’s Consob blocks access to clone of Nadex website
Italy’s Companies and Exchange Commission (CONSOB) has ordered the blocking of access to four new websites that offer financial services/financial products illegally.
The blocked websites include three illegal financial intermediation websites and one website through which an offer of financial products is carried out in the absence of a prospectus.
Let’s note that the list of blocked websites includes a website that is a clone of Nadex’s website. Clones are fraudulent entities that abuse the data (name, logo, address, etc) of licensed businesses. Clones have nothing to do with the authorised businesses but abuse their data in order to trick investors more easily.
Below are the four websites targeted by the latest Consob orders:
- “Prime Markets” (website https://primemarkets.co.com and page https://my.primemarkets.co.com);
- “Fintech Market” (website www.fintechmarket.consulting and related page https://cfd.fintechmarket.consulting);
- Nadex CFD Limited (website www.nadexcfd.com and related pages https://my.nadexcfd.com and https://webtrader.nadexcfd.com);
- Luxem Capital, Inc. (website https://luxemcapital.com).
In issuing the orders, the Authority made use of the powers deriving from the “Decreto crescita” (“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 websites offering financial services without the proper authorization.
The number of websites blacked out since July 2019, when Consob got the power to order the blocking of access to the websites of fraudulent financial intermediaries, has thus risen to 898.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the blocking to be implemented.