Italian financial markets regulator, CONSOB has warned against six financial services companies, including TIOMarkets, putting them on its blacklist to ban their access.
The other platforms on the list are Terratech Ltd (www.eufxindex.com), GFX FINANCE GMBH (www.gfxroyal.com), Luxor Asset Management Trust (www.luxoramt.com), Bstox24 (bstox24.com and client.bstox24.com), and Crypterium Financial Services (crypteriumfs.com).
Though most of these platforms look shady, the inclusion of TIO Markets on the list is odd as the platform is licensed under the regulators of the United Kingdom, and Saint Vincent and The Grenadines.
According to CONSOB, all these blacklisted platforms are illegally offering financial services in Italy.
Responding to Finance Magnates queries, TIOMarkets detailed that it is providing services to the Italian customers under TIOMarkets UK, a subsidiary licensed under the Financial Conduct Authority (FCA). The blocked domain, however, is tiomarkets.com, the Saint Vincent and the Grenadines-registered entity.
“TIOmarkets operates numerous brands under different entities,” a TIOMarkets spokesperson said. “And whilst the company has been legally administering Italian clients via its European / UK entity, TIO Markets UK, we appreciate the concerns and efforts of CONSOB to protect Italian consumers.”
The brokerage seems to be abiding by the Italian regulator’s decision and is also taking steps to prevent Italian traders from joining.
“We have therefore taken the affirmative actions of removing the Italian language from the company websites in order to deter any Italian clients from joining the incorrect entity,” the spokesperson added.
Taking Down Suspicious Platforms
The Italian regulator blacklisted the platforms under the powers of 'Growth Decree' law vested upon it last year and has blocked the access of the websites at the internet service provider level.
Established in 2019, TIOMarkets is a new player in the brokerage industry and offers trading services with Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term and contract for difference(CFD) instruments, including shares, indices, energies, and Cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term.
“The management team at TIOmarkets take safety of funds, security matters, and regulatory issues extremely seriously,” the spokesperson added. “We pride ourselves on our ability to support the excellent work of international regulators to protect their consumers, and on our efforts to implement their respective measures as part of our regulatory obligations.”
Italian financial markets regulator, CONSOB has warned against six financial services companies, including TIOMarkets, putting them on its blacklist to ban their access.
The other platforms on the list are Terratech Ltd (www.eufxindex.com), GFX FINANCE GMBH (www.gfxroyal.com), Luxor Asset Management Trust (www.luxoramt.com), Bstox24 (bstox24.com and client.bstox24.com), and Crypterium Financial Services (crypteriumfs.com).
Though most of these platforms look shady, the inclusion of TIO Markets on the list is odd as the platform is licensed under the regulators of the United Kingdom, and Saint Vincent and The Grenadines.
According to CONSOB, all these blacklisted platforms are illegally offering financial services in Italy.
Responding to Finance Magnates queries, TIOMarkets detailed that it is providing services to the Italian customers under TIOMarkets UK, a subsidiary licensed under the Financial Conduct Authority (FCA). The blocked domain, however, is tiomarkets.com, the Saint Vincent and the Grenadines-registered entity.
“TIOmarkets operates numerous brands under different entities,” a TIOMarkets spokesperson said. “And whilst the company has been legally administering Italian clients via its European / UK entity, TIO Markets UK, we appreciate the concerns and efforts of CONSOB to protect Italian consumers.”
The brokerage seems to be abiding by the Italian regulator’s decision and is also taking steps to prevent Italian traders from joining.
“We have therefore taken the affirmative actions of removing the Italian language from the company websites in order to deter any Italian clients from joining the incorrect entity,” the spokesperson added.
Taking Down Suspicious Platforms
The Italian regulator blacklisted the platforms under the powers of 'Growth Decree' law vested upon it last year and has blocked the access of the websites at the internet service provider level.
Established in 2019, TIOMarkets is a new player in the brokerage industry and offers trading services with Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term and contract for difference(CFD) instruments, including shares, indices, energies, and Cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term.
“The management team at TIOmarkets take safety of funds, security matters, and regulatory issues extremely seriously,” the spokesperson added. “We pride ourselves on our ability to support the excellent work of international regulators to protect their consumers, and on our efforts to implement their respective measures as part of our regulatory obligations.”
