Italy’s Consob has ordered the blocking of five new websites that offer financial services without having the necessary authorization. The list of such websites continues to grow and has already reached 335 websites, the regulator said.
The latest additions to the list are:
- ForTradersFX Ltd (www.for-tradersfx.com);
- “Mibtrades” (www.mibtrades.com);
- “Iacademy” (www.iacademy.io);
- GAM Group Ltd e LLC IC Prime Broker (https://marketsfx.co);
- HBC Market Ltd and ZentraleZahlstelle Ltd (www.hbc-markets.com).
In ordering the blocking of access to the above-mentioned websites, the regulator made use of the powers granted to it by the so-called “Growth Decree” (‘Decreto Crescita’; Law no. 58 of 28 June 2019, article 36, paragraph 2-terdecies). According to this piece of legislation, Consob can order Internet service providers (ISPs) to block access from Italy to websites offering financial services without the proper authorisation.
For technical reasons, it can take several days for the black-out to be implemented.
The blocking of websites by Consob may have a heavy impact on the operations of Forex brokers, as indicated by the latest scandal involving IC Markets and FC Inter Milan. The effect of blocking is definitely harsher than the mere issuing of warnings.
Consob updates the list of blocked websites on a weekly basis. Last week, the regulator issued orders for the “black-out” of seven websites of unauthorized online trading entities, including FX and cryptocurrency brokers.