Italy’s Consob orders blocking of six more investment websites
Italy’s Companies and Exchange Commission (CONSOB) today confirmed that it issued orders for the blocking of access to six new websites that are not authorized to offer investment services but nevertheless target Italian investors.
The latest orders target the following websites:
- Nab Europe Ltd (www.nabeuropeltd.com);
- Donnybrook Consulting Ltd (https://bid-broker-stocks.io and https://bid-broker-stocks.cc/);
- “Globalcfd LTD” and “D&D Venture Project LTD” (www.globalfxcfd.com);
- “TradersHome Ltd” (https://tradershome.trade);
- “Primery Swiss Group” (www.primeryswissgroup.com and client.primeryswissgroup.com).
In issuing the orders, the regulator made use of the powers granted to it by the so-called “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). This piece of legislation empowers Consob to order Internet service providers to ban 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 issue such blocking orders, has risen to 416. Last week, the regulator ordered the blocking of five unauthorized investment websites, including ones belonging to BIMFX24 and Swiss Premium FX.
The black-out of these websites by Internet service providers is ongoing. For technical reasons, it can take several days for the black-out to be implemented.
Many of these websites offer CFD, FX and cryptocurrency trading. A prominent example of a website of a Forex broker blocked in Italy is that of IC Markets. This case also demonstrates that the blocking of a website can have much more serious effect on a business rather than a warning.