CONSOB Continues to Watch for Scams, Flags 8 Entities

Today, Italian financial regulator the Commissione Nazionale per le Società e la Borsa (CONSOB) has posted a new warning on its website, flagging eight firms it deems to be suspicious.

Among them are four alleged cryptocurrency trading providers and three entities which claim to offer foreign exchange (forex) trading. The entities in question are the Bitsurge token, Crypto Green Earth Project, Columbia Capital Group Ltd, LKM Groups Ltd, Elit Property Vision Ltd and Get Financial Markets Ltd.

Through bitsurge.io, a website which is no longer accessible, an entity was offering the “Bitsurge token”, a virtual cryptocurrency. However, according to the translated warning “contracts promoted on the bitsurge.io site and on the “Bitsurge Token” Facebook page is prohibited, pursuant to Article 99, paragraph 1, letter d) of the Consolidated Law on Finance”.

In addition, Green Earth Certificates offered by the Crypto Green Earth Project, has been caught violating the same law, with the Italian watchdog stating that its offer to the public, which was also promoted via Facebook, is prohibited.

Wachsende Werte and Scryptmining Project, which claims to be a crypto hardware manufacturer in Austria, has also come under CONSOB’s radar. Specifically, the activities of the company have been suspended as it was operating without a license and the proper authorization.

CONSOB Flags Suspicious FX Trading Providers

The rest of the entities mentioned in today’s warning have been accused of violating Article 18 of the Consolidated Law on Finance. Columbia Capital Group Ltd claims to provide a superior cryptocurrency trading environment through its website, https://cryptoeu.co.

LKM Groups Ltd, which operates via www.lkminvest.com, alongside Elit Property Vision Ltd (richmondfg.com) and Get Financial Markets Ltd (https://get-financial.com) all claim to be FX trading providers.

However, because of today’s warning from CONSOB, it is best to avoid dealing with any of the above-mentioned entities. In fact, before investing, it is always a good idea to check the warning list of your local regulator to err on the side of caution.