Italy’s Consob to block websites of BIMFX24 and Swiss Premium FX
Italy’s Companies and Exchange Commission (CONSOB) today ordered the blackout of five new websites that offer financial services in Italy without having the necessary authorization.
The websites targeted by the latest set of orders are:
- KBS Capital Markets Ltd (website www.swisspremiumfx.com and related page https://my.swisspremiumfx.com);
- Terratech Ltd (websites www.bimfx24.co and www.eurtrade24.com);
- Lollygag Partners LTD (website https://finocapital.io);
- Widdershins Group Ltd (website https://24fintime.io).
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 410. Last week, the regulator ordered the blocking of five unauthorized investment websites, including ones belonging to FX Suit and EU Markets.
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 black-out to come into effect.
The black-out of these websites by Internet service providers is ongoing. For technical reasons, it can take several days for the blocking 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.