Number of unlawful online trading websites blocked by Italy’s CONSOB reaches 300
The Italian Companies and Exchange Commission (CONSOB) today announced the blocking of access to five more websites of online trading entities that are not authorized to offer such services in Italy. The list includes websites of firms offering CFD, FX and cryptocurrency trading services.
The latest additions to the list of blocked websites are:
- Digital Exchange Limited and Securex Plus Solutions EOOD (www.dgxlimited.com);
- GrahamFE FinServices LTD and Elit Property Vision LTD (www.grahamfe.com);
- Brokermasters Ltd (www.brokermasters.net);
- Raw Trading Ltd (www.icmarkets.com);
- Fintech Software Inc, Oproserv Limited, Leadernet OU (www.fx-leader.com).
This regulatory decision takes the number of websites blocked by the regulator under the so-called “Growth Decree” to 300. The Authority regularly publishes updates on the blocking of access to the websites of illegal financial services companies. Such announcements are usually posted on a weekly basis.
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.
Due to technical factors, the implementation of the “blackout” may take several days.