More than 660 illegal investment websites already blocked in Italy
Italy’s Companies and Exchange Commission (CONSOB) today announced the issue of orders for the blocking of access to six more websites that are not authorized to offer investment services in Italy but nevertheless target Italian investors.
The latest set of orders concern the following entities:
- “Infinity4X” (website www.infinity4x.com);
- “Empire Trading” and Techsync Management Consultancies LLC (website www.empiretrading.net and related page https://live.empiretrading.net);
- “EqualityFin” (website https://equalityfin.io and related page https://client.equalityfin.io);
- “Fincloud” (websites https://fnincloud.live and https://fincloud.center and related page https.//webtrader.fincloud.live);
- AXA Business Solution Ltd (website https://lionfxm.com and related page https://portal.lionfxm.com).
In issuing the orders, Consob made use of the powers deriving from 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 (ISPs) 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 websites of fraudulent financial intermediaries, has risen to 663. The list includes websites that offer FX, crypto and CFD trading services. Let’s note that many of these websites are run by the so-called clones. These are entities that abuse the name, address, logos, etc of regulated companies in order to mislead investors.
Last week, the regulator ordered the blocking of access to six websites. In late December 2021, Consob ordered the blackout of 28 new pages/websites that abusively offer financial services. The intervention followed a report from the Finance Police.
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 come into effect.