Italy’s Consob Blocks over 450 Illegal FX and CFDs Websites

The regulator is actively flagging and blocking access to these suspicious platforms.

Italian securities market regulator, Consob, has continued its crackdown on the suspicious platforms and added six fresh domains providing financial services to its blacklist on Thursday. 

The latest addition to the list of suspicious financial service providers has taken the blacklisted platform count to a total of 452.

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The red-flagged platforms are Tremisa Ltd, Tradixa Ltd, E-Trade Planet, Beradora Ltd, Holding Limited Bolton and Bolton First Credit Limited, and Niwix Limited.

Most of these platforms offer trading services with forex and CFDs to retail customers. One of the platforms also sells cryptocurrencies backed by the yields of gold and diamond mines.

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Consob is one of the few financial market regulators with the power to block access to the suspicious and fraudulent domains at the network level, meaning these websites cannot be opened within the regulator’s jurisdictions.

The Italian regulator gained these powers in July 2019 with a new governmental order, and since then it has taken strict action against any suspicious or non-compliant platforms.

“The blackout activities of the sites by internet connectivity providers operating on the Italian territory are in progress. For technical reasons, the actual blackout may take a few days,” Consob stated.

Regulators Getting Strict

In addition, other European financial regulators are taking strict actions against shady platforms offering financial services. The UK’s FCA is constantly flagging clones and other fraudulent platforms, while Belgian and Cypriot regulators are also blacklisting suspicious firms. But, none of them has the power like Consob to block the access of the platforms.

Furthermore, the Cypriot regulator is heavily penalizing regulated entities for non-compliance in following mandatory regulatory rules.

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