CONSOB Blocks over 500 Suspicious Financial Platforms in 2 Years

The regulator started its crackdown against financial fraud in July 2019.

The Italian financial market regulator, locally known as Commissione Nazionale per le Società e la Borsa (CONSOB), has added 10 fresh names of financial service providers to its blacklist on Friday, taking the total count to 505.

Access to these companies will be blocked at a network level, meaning these websites will not be allowed to be opened by anyone inside the country.

CONSOB started to take enforcement action against the suspicious-looking financial services platforms in July 2019 with a new governmental order. Over the past two years, it has continued to maintain a strict stance against both fraudulent and non-compliant platforms.

“The number of websites blacked out by Consob has risen to over 500 in just over two years, since July 2019 when the Supervisory Authority obtained the interdiction power aimed to prevent abusive financial services,” the regulator stated.

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Forex and CFDs Trading Platforms 

All of the freshly added platforms are offering derivatives trading services with forex and other asset classes. The names of these platforms are Dzikanta Limited, Felicity Group Ltd, GS4trade Invest Limited, Capitrades, FUNDIZA Ltd, Plus CFD Ltd, Medica Trade, Nata Trade Limited, Eu Investments Limited e James Long (Masons) Limited and DevTech Holding.

While almost all the EU regulators are actively flagging suspicious financial services platforms, the Italian watchdog is probably the only European regulator that blocks access to the blacklisted websites. 

“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,” it added.

Meanwhile, CONSOB appointed a new Commissionaire, Chiara Mosca, earlier this month, who will work on the regulatory crackdown and might tighten the noose on crypto companies offering stock token trading services.

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