CONSOB Blocks Access to 7 Off-Shore Brokers
- The regulator has, till now, flagged 268 trading platforms.

The Italian securities market regulator, locally known as the Commissione Nazionale per le Società e la Borsa (CONSOB), announced on Friday that it ordered the black-out of seven websites, who were illegally offering financial services in the country.
The seven blacklisted websites are:
- DirectaFx Limited (www.directafx.com);
- Gntfin LTD (www.gnt-fin.com);
- Maxi Services Ltd (www.maximarkets.org);
- Platiniumfund Ltd (www.platinium-fund.com);
- Digital Exchange Limited and Securex Plus Solutions EOOD (www.dgxltd.io);
- ProConsultingInvest (www.proconsultinginvest.co);
- Tfx25 (www.tfx25.co.uk).
With this recent addition, the CONSOB is restricting access to 268 platforms in total, all for offering suspicious financial products or services in Italy. Earlier this month, the regulator flagged five more websites and imposed similar restrictions.
The securities regulator was authorised the power to black-out websites in July 2019 under the so-called “Growth Decree” law that extended its crack-down on unregistered organisations.
“The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress,” the regulatory notice detailed continuing with, “For technical reasons, it can take a few days for making them effective.”
Increasing scams alerted the regulators
Meanwhile, there is also an increase in financial scams all around the world, especially because of the fears and opportunities instigated by the COVID-19 pandemic.
The CONSOB is among the most vigilant regulators in Europe when it comes to flagging leveraged offshore brokers. The watchdog also put a blanket ban on 24Option and Hoch Capital Ltd, before they were flagged by the FCA and 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 and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. 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 and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. Read this Term. Both these brokers renounced their CIF authorization licenses earlier this month, Finance Magnates reported.
The Italian securities market regulator, locally known as the Commissione Nazionale per le Società e la Borsa (CONSOB), announced on Friday that it ordered the black-out of seven websites, who were illegally offering financial services in the country.
The seven blacklisted websites are:
- DirectaFx Limited (www.directafx.com);
- Gntfin LTD (www.gnt-fin.com);
- Maxi Services Ltd (www.maximarkets.org);
- Platiniumfund Ltd (www.platinium-fund.com);
- Digital Exchange Limited and Securex Plus Solutions EOOD (www.dgxltd.io);
- ProConsultingInvest (www.proconsultinginvest.co);
- Tfx25 (www.tfx25.co.uk).
With this recent addition, the CONSOB is restricting access to 268 platforms in total, all for offering suspicious financial products or services in Italy. Earlier this month, the regulator flagged five more websites and imposed similar restrictions.
The securities regulator was authorised the power to black-out websites in July 2019 under the so-called “Growth Decree” law that extended its crack-down on unregistered organisations.
“The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress,” the regulatory notice detailed continuing with, “For technical reasons, it can take a few days for making them effective.”
Increasing scams alerted the regulators
Meanwhile, there is also an increase in financial scams all around the world, especially because of the fears and opportunities instigated by the COVID-19 pandemic.
The CONSOB is among the most vigilant regulators in Europe when it comes to flagging leveraged offshore brokers. The watchdog also put a blanket ban on 24Option and Hoch Capital Ltd, before they were flagged by the FCA and 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 and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. 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 and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. Read this Term. Both these brokers renounced their CIF authorization licenses earlier this month, Finance Magnates reported.