Italy’s Consob Orders Blackout of Five Forex, Crypto Websites
- The number of sites blacked out by Consob has risen to 300.
In what seems to be another episode in a long-running campaign, the Italian financial regulator, Consob, once again blocked access to yet another number of FX websites, including those holding licenses in other jurisdictions. The watchdog added five websites to its register of banned internet sources for illegally promoting trading products in the country.
Italian investors have been warned not to take out any financial services from Digital Exchange Limited and Securex Plus Solutions EOOD (website www.dgxlimited.com); GrahamFE FinServices LTD and Elit Property Vision LTD (website www.grahamfe.com); Brokermasters Ltd (website www.brokermasters.net); Raw Trading Ltd (website www.icmarkets.com); Fintech Software Inc, Oproserv Limited, Leadernet OU (website www.fx-leader.com).
The number of sites blacked out since July 2019, when Consob got the power to ban the websites of financial intermediaries it deems unregulated, has risen to 300.
Today’s blacklisted sites offer 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 CFDs trading, but the CONSOB says some of the names featured in the warning are dealing in crypto assets, either in the form of the underlying coins or its related derivatives such as CFDs.
The crackdown comes after Consob refined its process for identifying non-compliant companies. Recently, the regulator went after a handful of CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term-licensed brokers and ordered them to cease operations in the country. The decisions also prevented Cypriot intermediaries from soliciting customers or continuing its current relations with Italian clients.
At the time, Consob clarified that it made its decision under the article 7-quarter, paragraph 4 of the Consolidated Law on Finance (TUF), as well as article 86 of Mifid2. This legislation allows CONSOB to order investment firms and brokers operating in the country from another EU member state, through the EU passporting regime, to cease their operations after informing the competent authority of the member state.
The Italian regulator found new tools to address illegal operators in the market when the 'Growth Decree' extended its powers far beyond. Thanks to the decree, CONSOB can order Italian internet service providers (ISPs) to block websites in the region. Due to technical reasons, it can take several days for the black-out to come into effect when these websites shut for a temporary period.
In what seems to be another episode in a long-running campaign, the Italian financial regulator, Consob, once again blocked access to yet another number of FX websites, including those holding licenses in other jurisdictions. The watchdog added five websites to its register of banned internet sources for illegally promoting trading products in the country.
Italian investors have been warned not to take out any financial services from Digital Exchange Limited and Securex Plus Solutions EOOD (website www.dgxlimited.com); GrahamFE FinServices LTD and Elit Property Vision LTD (website www.grahamfe.com); Brokermasters Ltd (website www.brokermasters.net); Raw Trading Ltd (website www.icmarkets.com); Fintech Software Inc, Oproserv Limited, Leadernet OU (website www.fx-leader.com).
The number of sites blacked out since July 2019, when Consob got the power to ban the websites of financial intermediaries it deems unregulated, has risen to 300.
Today’s blacklisted sites offer 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 CFDs trading, but the CONSOB says some of the names featured in the warning are dealing in crypto assets, either in the form of the underlying coins or its related derivatives such as CFDs.
The crackdown comes after Consob refined its process for identifying non-compliant companies. Recently, the regulator went after a handful of CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term-licensed brokers and ordered them to cease operations in the country. The decisions also prevented Cypriot intermediaries from soliciting customers or continuing its current relations with Italian clients.
At the time, Consob clarified that it made its decision under the article 7-quarter, paragraph 4 of the Consolidated Law on Finance (TUF), as well as article 86 of Mifid2. This legislation allows CONSOB to order investment firms and brokers operating in the country from another EU member state, through the EU passporting regime, to cease their operations after informing the competent authority of the member state.
The Italian regulator found new tools to address illegal operators in the market when the 'Growth Decree' extended its powers far beyond. Thanks to the decree, CONSOB can order Italian internet service providers (ISPs) to block websites in the region. Due to technical reasons, it can take several days for the black-out to come into effect when these websites shut for a temporary period.