Italy’s CONSOB blocks more unauthorized investment websites, total reaches 965
Italy’s Companies and Exchange Commission (CONSOB) has ordered the blocking of six new websites that offer financial services without the necessary authorization.
The websites targeted by the latest set of orders are:
- Nexus LLC (website https://powercapital.live and related pages https://my.powercapital.live and https://my.tradings.life);
- “Free Trade CFD” (website https://freetrade-cfd.com and related page https://client.freetrade-cfd.com);
- “Smart Flow Ltd” (website https://smartflow.work and related pages https://office.smartflow.work and https://trade.smartflow.work);
- “Avan Trade” (website https://ai-trade.consulting and related page https://cfd.ai-trade.consulting; website https://ai-trade.holdings and related page https://cfd.ai-trade.holdings);
- “Bullbit” (website https://bullbit.net and related page https://trade.bullbit.net).
In issuing the orders the Authority availed itself 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 blocked since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 965.
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.
Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, 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.
To this end, Consob reminds the public that on the website www.consob.it there is a section on the homepage, “Watch for Scams!”, providing useful information to warn investors against financially abusive initiatives.
November 12, 2023 @ 6:34 am
When are regulators going to realise that their group thinking of trying to restrict and ban products to the point where clients look offshore for better offerings simply does not work. They are making the very providers offering scams and poor services much stronger in their actions. They will simply never be able to keep up with unscrupulous firms spinning up new websites to avoid the websites bans. Wake up regulators to the real world and think smart. Don’t make your decisions with a bunch of people all agreeing with each other on how to tackle the problems they see. It’s not working and never will.