Number of unauthorized investment websites blocked in Italy reaches 610
The total number of unauthorized investment websites blocked by the Italian Companies and Exchange Commission (CONSOB) has reached 610, after the latest set of blackout orders issued by the regulator today.
Consob has ordered the blackout of five new websites that abusively offer financial services. The websites targeted by the latest set of orders are:
- “NGTCM” (website https://ngtcm.com);
- 24 X 7 LIMITED (website https://24waysfx.com and related page https://client.24waysfx.com);
- Beradora Ltd (website https://fullmarkets.com);
- “ABSystem” (website https://absystem.trade);
- “LITHE GROUP LTD” (website https://platinex.io).
In issuing the orders, the Authority availed itself of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). This piece of legislation empowers Consob to Internet service providers to block access from Italy to the websites through which financial services are offered without due authorization.
The regulator has been issuing such orders on a weekly basis. Last week, Consob ordered the blackout of five unauthorized investment websites, including those operated by Invest Area and Crypto Solution.
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 black-out to come into effect.