Italy’s CONSOB orders blocking of access to five new unauthorized investment websites
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:
- GrouPolo LTD (website www.4capital.io);
- “Globalinvestous” (website https://global-investousfx.com and related page https://client.global-investousfx.com);
- Ingenue Consulting LLC (website https://tradon.pro and related page https://webtrader.tradon.cc);
- Bodacious Consulting LLC (website https://unionsmarket.group);
- “Tradebaionics” (website www.tradebaionics.com).
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 693. 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.
Last week, the regulator issued orders for the blocking of several websites, including Infinity4X and Galantrade. 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.
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 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.