Italy’s Companies and Exchange Commission (CONSOB) has ordered the blocking of access to five new websites that abusively offer financial services.

The websites targeted by the latest set of Consob orders are:

• “Infinity4X” (website www.infinity4x.io);
• Vigo and Co LLC (website www.galantrade.com);
• “Globecfds” (website www.globecfd.com);
• “MBInvest” (website www.invmb.com);
• Gladiolu Stox Markets Ltd (website http://gladiolustox.com and related page https://clientzone.gladiolustox.com).

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), on the basis of which Consob can order Internet service providers (ISPs) to block access from Italy to the websites through which financial services are offered without due authorization.

The number of websites blacked out since July 2019, when Consob got the power to order the blocking of websites of fraudulent financial intermediaries, has risen to 688. The list includes websites that offer FX, crypto and CFD trading services. Let’s note that many of these websites are run by the so-called clones. These are entities that abuse the name, address, logos, etc of regulated companies in order to mislead investors.

In late December 2021, Consob ordered the blackout of 28 new pages/websites that abusively offer financial services. The intervention followed a report from the Finance Police.

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 come into effect.