Italy’s Consob Blocks Six Unlicensed Financial-Related Websites
Consob, the Italian government’s top authority responsible for regulating the domestic securities market, has blocked six websites involved in the financial services offering. According to the press release, these sites are allegedly offering the products illegally.
At this time, the websites included on Consob’s blocklist were are FinoMarkets, Sealtd Ltd, EurofxFinance Limited, Seabreeze Partners Ltd, Xglobalfin, and Aga Trading Platform LTD. Five of the blocked websites were labeled as illegal financial intermediation sites, while one of them offers financial products that are carried out ‘in the absence of a prospectus,’ Consob noted.
With the new set of blockages, Consob raised its number of blocked websites to 522 since it launched a campaign in July 2019. The watchdog has enacted the order under the “Growth Decree,” which provides them with the legal authority to blacklist the websites that are suspected of participating in illegal financial activities.
“Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” the Italian financial watchdog warned.
Consob included the following platforms on its latest campaign: 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.
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