Italy’s Consob blocks access to seven abusive investment websites
Italy’s Companies and Exchange Commission (CONSOB) announces that it has ordered the blocking of access to seven abusive investment websites: six illegal financial intermediation websites and one website through which an offer of financial products is carried out in the absence of a prospectus.
The websites targeted by the latest set of Consob orders are:
- “24tradex” (websites www.24tradex.com and www.24tradex.co and related page https://client.fx-trade.tech);
- Trade Action Ltd (website https://tradesactions.com and related page https://accounts.tradesactions.com);
- Renaissance Invest LTD (website www.renaissanceinvestltd.net);
- “ProfitMarketsCFD” (website www.profitmarketscfd.com and related page https://webtrader.profitmarketscfd.com);
- Notesco Limited (website www.fxgiants.com and related page https://hub.fxgiants.com).
- “GDenlinea” (website https://gdenlinea.net).
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), as well as of the power introduced by the Law no. 8 of 28 February 2020 (Article no. 4, paragraph 3-bis). These pieces of legislation allow the regulator to order Internet service providers (ISPs) to block access to unauthorized investment websites.
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 565. Last week, Consob ordered the blackout of five new websites that abusively offer financial services. The websites include those operated by NewFx and ConiusFx.
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.