CONSOB Warns Against FX Broker, Bans Sale of Two Cryptocurrencies

On Monday, the Commissione Nazionale per le Società e la Borsa (CONSOB) released a statement on its website warning investors against trading with Sun Capital. The Italian regulator also banned two cryptocurrency websites from offering their tokens to members of the Italian public for 90 days.

As its name is unlikely to be familiar to most of our readers, we can begin by looking briefly at Sun Capital. A quick trip over to the website which the company runs - TradeU2 - makes it clear that the whole thing is a scam operation.

The company offers foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term broker services, but it is not regulated in any jurisdiction. Moreover, the company doesn’t even bother to say where it is based.

Unlike many of its unregulated kin, Sun Capital hasn’t even tried to try and give itself a facade of legitimacy. Its website looks like Windows 2000 clip art and the stock images plastered across the various pages of said website look as though they have been taken from the row of a hasty google search.

But enough about that website. If someone calls you from Sun Capital or TradeU2, just tell them to screw themselves. We are moving on to cryptocurrency.

CONSOB Crypto Ban

The first company that CONSOB has banned from selling tokens in Italy is called Bitsurge.

Unlike Sun Capital, Bitsurge does list some people that apparently work for the firm. But even then, these people only have their first names listed and figuring out who they actually are is impossible.

More suspicious is the fact that you can’t even buy the company’s token - Surge - with fiat currency. Instead, you have to buy it with another cryptocurrency. That, of course, would make tracing your cash extremely difficult to do. Our advice? Stay away from Bitsurge.

Next, we have Green Earth Crypto - at least that what I think it’s called. Even CONSOB doesn’t say what that company’s name is, only noting that it's trying to hock “Green Earth Certificates.”

Whatever the company’s name is, the people behind it are trying to sell their products through a Facebook page. The certificates for sale, which cost $2 a piece, appear to entitle the owner to a patch of land. As the land probably doesn’t even exist, the certificate is almost certainly overvalued by $2 - don’t buy it, folks.