Italy’s CONSOB blocks websites of FX6 and Trade 4 Nation
Italy’s Companies and Exchange Commission (CONSOB) has ordered the blocking of four new websites that offer financial services without the necessary authorization.
The websites targeted by the latest set of orders are:
- Mango Group LLC (website www.x-fortunes.com);
- “FX6” (site https://fx6.xyz);
- “Trade 4 Nation” (website www.trade4nation.com and related page https://client.trade4nation.com);
- “Velohld” (website www.velohld.com).
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 959.
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.