Italian regulator the Commissione Nazionale per le Società e la Borsa (CONSOB) has this Monday morning warned against Bv1 Club Business Development Sas for not having the necessary authorization to offer financial investment services within the country.
Specifically, the regulator states that it has (translated): “suspended, pursuant to Article 99, paragraph 1, letter b) of Legislative Decree no. 58/1998, the offer to the public resident in Italy concerning “Investment Plans” carried out by Bv1 Club Business Development Sas.”
Bv1 Club operates via the website https://www.Bv1.club and through its Facebook page “Bv1 Club”. According to its website, it: “ offers an investment platform based in technology blockchain, Forex, Marketing, Masternodes in such a way to prevent any form of loss to our investors and partners.”
The Rising Star of the DeFi Project, GIBXSwap, Passes CertiK Security AuditGo to article >>
It’s not exactly clear what Bv1 allows its customers to invest in, although it claims to help its customers make the most of their bitcoins. On its website, there is mention of cryptocurrencies, forex and investing in technology, but the real purpose is not obvious unless you are willing to buy a subscription.
Regardless of what the company claims to do, because it does not have the proper authorization to be offering financial services within Italy, it would be wise to give this firm a wide berth.
CONSOB updates its warning list
The Italian watchdog has also updated its warning list to include a suite of new companies which are suspected of suspicious activities. These firms have all been flagged by other regulators, such as the Financial Conduct Authority (FCA), the Central Bank of Ireland, the Financial Market Authority (FMA) in Austria and more.
The warning from the Central Bank of Ireland is against Trade Capital/Trade Capital Investments LLC, a Switzerland-based company. As Finance Magnates reported, the initial warning from the bank stated that is not authorized as an investment firm and is, therefore, not permitted to provide investment advice to residents of Ireland.