Italy’s Consob orders blocking of more FX websites
The number of unathorized Forex websites blocked in Italy is growing. Today, Italy’s Companies and Exchange Commission (CONSOB) announced it had issued orders for the blocking of five more websites that are operated by entities offering investment services in Italy without having the necessary authorization.
The latest set of orders targets firms offering online trading in Forex, CFDs and cryptocurrencies. The websites to be blacked out are:
- Trade Com Limited (https://spotfinex.com and https://accounts.spotfinex.com);
- Konstos Markets LTD (www.stockcore.co);
- Vita Impex Ltd (https://vitafx.com and https://pluton500.com);
- “Up Invest Finance” (https://upinvestfin.com).
In issuing the orders, the Authority made use of the powers granted to it by 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 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 fraudulent financial intermediaries, has thus risen to 421. Last week, the regulator ordered the blocking of six unauthorized investment websites.
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.