These Five Brokers Were Added to the European Regulator's Warning List

by Damian Chmiel
  • Consob blocks 5 brokers' websites for unauthorized financial services.
  • Sincy July 2019, the Italian regulator has blocked more than 1,000 domains.
alert, warning
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The National Commission for Companies and the Stock Exchange (Consob) ordered the blacking out of 5 additional websites offering financial services without proper authorization in Italy. This brings the total number of websites blocked by Consob since July 2019 to 1029.

Consob Blacklists 5 More Websites for Illegal Financial Activities

The authority took action under the "Growth Decree," which requires internet service providers to restrict access to fraudulent financial websites. The recently blacklisted sites are:

  1. Tcrinvest (tcrinvest.net),
  2. Interactive (intr-active.solutions),
  3. Capitalwealthmanagement.co,
  4. BGB Partners (bgbpartners.cm),
  5. FDXCrypto (colmex247.io).

According to the Consob press release, these websites appeared to be improperly promoting complex financial products and services, such as trading and investment accounts, without disclosing the associated risks. By blacking out access, Consob aims to protect investors from potentially losing money.

Italian internet providers are implementing the blackouts and may take several days to go into full effect. Consob advises the public to visit its website for updates on blocked sites and to find authorized financial companies.

Clones, Impersonators, and Unlicensed Firms

Finance Magnates consistently reports on unlicensed financial entities that pose as potential risks to investors. This week, a notable alert comes from The Canadian Securities Administrators (CSA), warning about fraudulent emails. These emails, impersonating the CSA's Chair and the CEO of the Alberta Securities Commission, Stan Magidson, are believed to be phishing attempts designed to extract confidential information from recipients.

Recently, the Financial Services and Markets Authority (FSMA) in Belgium updated its caution against fraudulent online trading platforms. The FSMA's warning now includes an additional 17 platforms, encompassing both cryptocurrency and FX/CFD trading providers, that target Belgian citizens, highlighting the ongoing risk of financial scams.

At the start of the month, the UK's Financial Conduct Authority (FCA) warned British investors and savers about cold calls and emails from Coinbaseie.com. These communications falsely claim to represent the well-known cryptocurrency exchange Coinbase, underscoring the sophistication of modern financial fraud.

In a related development, the FCA showcased its annual financial crime report, demonstrating its commitment to combating financial fraud. In 2023, the FCA achieved a new milestone by issuing 2,286 scam warnings to the public, marking an increase of 21% from the 1,882 warnings in the previous year. This report underscores the regulator's ongoing efforts to safeguard consumers from financial scams.

The National Commission for Companies and the Stock Exchange (Consob) ordered the blacking out of 5 additional websites offering financial services without proper authorization in Italy. This brings the total number of websites blocked by Consob since July 2019 to 1029.

Consob Blacklists 5 More Websites for Illegal Financial Activities

The authority took action under the "Growth Decree," which requires internet service providers to restrict access to fraudulent financial websites. The recently blacklisted sites are:

  1. Tcrinvest (tcrinvest.net),
  2. Interactive (intr-active.solutions),
  3. Capitalwealthmanagement.co,
  4. BGB Partners (bgbpartners.cm),
  5. FDXCrypto (colmex247.io).

According to the Consob press release, these websites appeared to be improperly promoting complex financial products and services, such as trading and investment accounts, without disclosing the associated risks. By blacking out access, Consob aims to protect investors from potentially losing money.

Italian internet providers are implementing the blackouts and may take several days to go into full effect. Consob advises the public to visit its website for updates on blocked sites and to find authorized financial companies.

Clones, Impersonators, and Unlicensed Firms

Finance Magnates consistently reports on unlicensed financial entities that pose as potential risks to investors. This week, a notable alert comes from The Canadian Securities Administrators (CSA), warning about fraudulent emails. These emails, impersonating the CSA's Chair and the CEO of the Alberta Securities Commission, Stan Magidson, are believed to be phishing attempts designed to extract confidential information from recipients.

Recently, the Financial Services and Markets Authority (FSMA) in Belgium updated its caution against fraudulent online trading platforms. The FSMA's warning now includes an additional 17 platforms, encompassing both cryptocurrency and FX/CFD trading providers, that target Belgian citizens, highlighting the ongoing risk of financial scams.

At the start of the month, the UK's Financial Conduct Authority (FCA) warned British investors and savers about cold calls and emails from Coinbaseie.com. These communications falsely claim to represent the well-known cryptocurrency exchange Coinbase, underscoring the sophistication of modern financial fraud.

In a related development, the FCA showcased its annual financial crime report, demonstrating its commitment to combating financial fraud. In 2023, the FCA achieved a new milestone by issuing 2,286 scam warnings to the public, marking an increase of 21% from the 1,882 warnings in the previous year. This report underscores the regulator's ongoing efforts to safeguard consumers from financial scams.

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