CONSOB Suspends Advertising Activity of Coinspace for 90 Days

The Italian watchdog explained that Coinspace Ltd offers unregulated “cryptocurrency extraction packages”.

Italy’s financial markets regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB), today suspended for a period of 90 days the advertising activity carried out through the website www.coinspace1.com relating to the public offering promoted by Coinspace Ltd. CONSOB added that the precautionary measure was taken as the company is not authorised to provide investment services or activities in Italy.

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The warning comes just a week after the watchdog red-flagged five other brokers for contravening its rules and regulations in a similar vein to the ones included in today’s updated list.

The Italian watchdog explained that Coinspace Ltd, also operating as www.smartbotpro.com, offers unregulated “cryptocurrency extraction packages”. It added that while some blacklisted brands not only lack the appropriate licenses or authorization to operate in Italy, it also believes that these platforms are pure trading scams that offer fraudulent High Yield Investment Programs (HYIP).

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The company has come under the scrutiny of CONSOB after advertising its services to the Italian public when it did not have the permission to do so.

As the public authority responsible for regulating the Italian financial markets, CONSOB’s main activity is aimed at the protection of the investing public.

In this respect, CONSOB is responsible for ensuring transparency and correct behaviour by financial market participants, disclosure of complete and accurate information to the investing public by listed companies and compliance with regulations. It also conducts investigations with respect to potential infringements of insider dealing and market manipulation law.

 

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