CONSOB Now Blocks Nearly 200 Domains for Unregulated Brokers

The Italian securities regulator today blacklisted a new list of FX and crypto-focused brands. The strict actions on these unauthorized actors in the market come as offshore brokers continue to chase online trading business in Italy, including within the gray area of the country’s cryptocurrency sector.

The following websites belong to entities that are not allowed to offer financial services in Italy but continue to solicit investments from locals.

- Sigma Consulting Limited and Solt Corp. Ltd (www.firstcapital.fm website);

- Itistocks Brokers (https://itistocksbrokers.com website);

- GAM Group Ltd (www.marketsfx.org website);

- Elit Property Vision Ltd (https://global-banco.com website)

- Platin-fx Ltd (www.platin-fx.com website)

The Italian regulator found new tools to address illegal operators in the market when the “Growth Decree” extended its powers far beyond. Thanks to the decree, CONSOB can order Italian internet service providers (ISPs) to block websites in the region. Due to technical reasons, it can take several days for the black-out to come into effect when these websites shut for a temporary period.

CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term-regulated firms also hit with ban

The authority has also warned even authorized firms against falsely advertising unregulated products as being regulated by Consob. The watchdog added that these financial promotions were unlikely to provide consumers with the clarity required by its rules and could leave them unable to understand whether the promoted products or services were beyond its remit.

CONSOB has been amongst the most vigilant and strict regulators in Europe when it comes to dealing with leveraged trading. Recently, it has ordered the country’s internet access providers (ISPs) to obstruct Italian investors’ access to seven online brokers, bringing the total number of backlisted entities to 194.

The watchdog also put a blanket ban in place against activities of 24Option and Hoch Capital Ltd, two CySEC-licensed Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term & CFD brokers. CONSOB said the ban was necessary to protect Italian investors after the Cyprus brokers repeated its violations despite the measures adopted by its original regulator.