Italy’s Companies and Exchange Commission (CONSOB) today announced orders for the blocking of access to five websites belonging to entities offering online trading services (FX, CFDs, binary options and cryptocurrencies) in Italy without having the necessary authorization.

In issuing the orders, the regulator has made use availed itself of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). Under this piece of legislation, Consob can order Internet service providers to block access from Italy to the websites through which financial services are offered without due authorization.

The latest Consob orders target the following entities and websites:

• B.O. Tradefinancials Ltd (www.accessfxtrade.com)
• Capital Letter GMBH and Capital Letter Ltd (www.brightfinance.co);
• NewTraders Holdings Ltd (www.toltechfx.com, www.cmcxxmarket.com and www.newtradersholdings.com).

This way, the total number of websites blacked out in Italy since July 2019, when the “Growth Decree” came into force, has risen to 340. Last week, the regulator added five other websites to the list.

Let’s note that the blocking of access to online trading websites can have much vaster repercussions than one might expect. It does not only affect the access of a client to a broker’s website. It also may affect the partnerships of a broker whose website is blocked. A noteworthy example in this respect is the failed deal between IC Markets and FC Inter Milan. The failed sponsorship deal, in turn, has led to a lawsuit.