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Italy’s CONSOB Blocked New Unauthorized Trading Websites

Italy’s CONSOB Blocked New Unauthrorized Trading Websites
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ROME, Italy – The numbers of unauthorized online trading websites blocked by CONSOB in Italy increased as they continue with the efforts under the so-called “Growth Decree.”

As the Companies and Exchange Commission (CONSOB) of Italy continues using its newfound power to prevent access to unauthorized trading firms online, they have already blocked a total of 77 websites as of date. Blocking some of the trading websites by CONSOB is under what they call the “Growth Decree.”

There is a total of seven latest additions to their blocked unauthorized online trading sites, based on the statement given by the regulator today. The latest blocked illegal trading websites include the Lion Finance Ltd. (https://cfd2fxpro.com), UAB Elnira, Globalix Ltd. (https://alltrademarkets.com), BTB Corporate LT (https://bcapitalprofit.com), Grandtrade Exchange (https://grandtrade.exchange), and Selinusinvestment (www.selinusinvestment.com).

CONSOB has ordered to block access to these websites as of today, citing their illegal offers of financial services or lack of the necessary permissions to offer such services.

It was just late in June this year that the so-called “Growth Decree,” which gives CONSOB rights to tell ISPs (Internet Service Providers) to stop public access to certain unauthorized websites in the country. The blocking of sites by CONSOB applies to websites of companies offering Italian customers online trading services without the required regulatory permissions of running such service.

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The Italian regulator has been publishing warnings since 2017. They have been concerned with the risks that may ensue as unauthorized operators offer such services to the masses in Italy. However, the warnings CONSOB published weren’t sent to the companies or websites specifically. The published warnings from CONSOB were addressed to the general public.

However, since the application for the new European regulation regarding the provisions when it comes to the investment services (Mifid2), the instruments given to the regulator have been implemented significantly by the categorization of the latest power that orders the blocking of the violation and offense to the unauthorized websites or operators.

Consequently, the power of the Italian regulator to ask host providers for the termination of such unauthorized trading websites can only be applied to the Italian versions of those unregulated trading sites.

Thanks to the so-called “growth decree,” the CONSOB in Italy has enough power to order internet service providers to block the websites. Although it’s only applicable to those websites without proper authorization accessed in Italy, CONSOB’s new power still seems significant.

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