Italy’s Consob blocks more Forex websites
Italy’s Companies and Exchange Commission (CONSOB) continues to make use of the powers granted to it under the so-called “Growth Decree” by ordering the blocking of more unauthorized investment websites, including ones offering FX trading services.
Today, the regulator says it has ordered the blocking of access to seven websites that target Italian investors without having the necessary authorization to do so. The entities targeted by the latest set of orders are:
- SPTrade24 Ltd (www.sptrade24.com);
- Directafx Ltd Group and Directafx Limited (www.directafxs.com)
- “GB Trade FX” (https://gbtradefx.com);
- “Globalcfd LTD” and “D&D Venture Project LTD” (www.globalcfd.co);
- “MarketsCFDs” (https://client.marketcfx.com);
- “Itradersfx Ltd” (www.itradersfx.com);
- Plus One Ltd (www.marketcfd.com).
The Authority made use of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies). This piece of legislation authorizes the regulator to instruct Internet service providers to block access to unauthorized financial services websites. Thus far, the regulator has issued orders for the blocking of 381 such websites. They usually offer FX, CFD and cryptocurrency trading.
The process for the “blackout” of the websites is ongoing. Due to purely technical factors, it can take several days to implement the blocking.
Last week, Consob ordered the blocking of access to six websites, including ones run by Octaviotradefx and Billion Forex Ltd.
Also last week, Consob issued a specific warning about the advertising campaigns which promise significant (often unlikely) financial returns in exchange of the proposed purchase of shares of well-known international technological and commercial companies, of renowned football clubs and/or cryptocurrencies. These initiatives could be aimed at the acquisition of sums of money or users’ personal data, the regulator said.
Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, and adopting common sense behaviors, essential to safeguard their savings. These include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.