Consob Blocks 5 New Illegal FX websites

The Italian regulator has blocked a total of 405 illegal websites since July 2019.

Consob, the government authority in Italy responsible for the regulation of the Italian securities market, announced today that it has ordered the blockage of 5 new websites offering illegal financial services in the country.

According to the official details published by Consob, the Italian regulator has blocked a total of 405 websites since July 2019 to protect Italian residents from fraudulent financial activities. Consob has asked Italian internet connectivity service providers to shut down the unauthorized online FX and financial platforms.

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The government authority has blocked the website of Salvax Limited, New Traders Holdings and its subdomain, Triton Partnership and Evolution Markets. Consob mentioned that the blockage process is going on.

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“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. Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common-sense behavior, essential to safeguard their savings: these include, websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, offers of financial products, that a prospectus has been published,” Consob mentioned in the official announcement.

Consumer Protection

The Italian regulator has taken several measures to protect consumers from illegal FX and financial service providers in the country. Consob recently ordered internet service providers to block the websites of Nab Europe Limited, Swiss Management Corporation, Expertsystemsfx, FXOptexGroups, Italiano invest, QubitTech Corporation, Axedo, Fxfinancepro, Thinkmarket 247 Ltd, Donnybrook consulting, Globalinvestfx and Universe citizens limited. Additionally, the regulatory authority warned Italian investors about a surge in unregulated brokers.

The Financial Conduct Authority (FCA), the financial regulatory body in the United Kingdom, announced today that FXGbp markets is offering services in the country without the authorization of the FCA. Furthermore, the authority warned about rising investment scams in the country.

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