Number of unauthorized online trading websites blocked in Italy reaches 330
The Italian Companies and Exchange Commission (CONSOB) today announces that it has ordered the blocking of access to seven new unauthorized online trading websites. Of these seven websites, five websites belong to entities found to be abusing financial intermediation and two websites offer financial products without a prospectus.
The latest additions to the blocked websites list include:
- “Pro Star” (www.golden-cfd.com);
- “European Trade 24” and “Allegra TM” (www.eutrade24.com);
- Maginito Services Ltd and NBG Market (KI) Limited (www.nbgmarket.com);
- “Mistertrader” and “Redfin Capital” (https://imrtrader.com and www.redfin.capital);
- Arbistar 2.0, S.L. (arbistar.com and app.arbistar.com).
These seven additions take the total number of websites blocked by Italy’s Consob under the so-called “Growth Decree” to 330. Let’s note that, about a month earlier, the number was 300.
Let’s recall that the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies) came into effect last summer. Prior to that, the regulator had to count on warnings mostly in order to protect Italian investors. Thanks to the “Growth Decree”, 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 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 activities for the blackout of the websites by ISPs are in progress, the regulator explains. Due to technical factors, it can take a few days to implement the “blackout”.