Consob Blocks 6 More Illegal Financial Service Providers

Italian financial market regulator, Consob, has reg-flagged six more platforms that are illegally offering financial services. Five of the blacklisted platforms are offering 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 and contracts for differences (CFDs) instruments, while one is using the name of a football organization to offer an investment fund.

The blocked fraudulent websites are PX Fintech Limited, Alphafxprime, Titancfd, BB360.market EU Limited, Winnex Consulting, and Uefa Football Fund Ltd.

None of the blacklisted CFDs providers seems to be regulated anywhere. Further, one of the platforms, Alphafxprime, is falsely claiming to be authorized and regulated by Consob itself.

Additionally, the regulator highlighted the attempts of Uefa Football Fund to secure funds from retail investors, using the name of the European football body, whereas both have no ties whatsoever. On top of that, its website mentions that the “compensations are the investment guarantee offered to members by UAE Financial Group and the City Football Team, not by UEFA Football platform itself.”

Rampant Scams

Financial scams are rampant globally, and the number of illegal CFDs platforms is only growing. Moreover, Consob is actively monitoring the platforms offering services within its jurisdiction and blacklisting illegal ones.

Meanwhile, other financial market regulators are flagging illegal platforms and even taking action against regulated entities for violations. 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, which oversees a broker-favorite jurisdiction, entered into monetary settlements with several brokers for possible regulatory violations and even revoked licenses in extreme cases.

Unlike the European counterparts, the Italian regulator has the authority to block access to the blacklisted financial services platforms at a domain level. It has blocked 774 illegal platforms since receiving the new powers in July 2019.

“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,” Consob stated in the official press release.