Number of illegal investment websites blocked in Italy exceeds 350
Italy’s Companies and Exchange Commission (CONSOB) today announces that it has ordered the blocking of access to five new websites that target Italian investors without having the necessary licenses to do so.
The five websites to be “blacked out” are:
- “Octaviotrade” (https://octaviotrade.com);
- Konstos Markets Ltd (www.stocklux.co);
- Salvax Limited (www.fxsuit.eu);
- “LiborTC Ltd” (https://libortc.com and https://client.libortc.com);
- Tradixa Ltd and All Media Eood (www.tradixas.com).
To issue the orders, the regulator has made use of the powers granted to it under the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). This piece of legislation allows Consob to order Internet service providers (ISPs) to block access from Italian territory to the websites through which financial services are offered without due authorization.
The number of websites blacked out since July 2019, when Consob started making use of the powers deriving from the “Growth Decree”, has thus risen to 354.
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.
The black-out of the websites by ISPs may take a few days to implement due to technical factors, Consob explains. In the meantime, the regulator advises the public to be vigilant and check the authorization status of investment firms.