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 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 , 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.
