The Italian financial regulatory authority, Consob, has taken action to safeguard investors by ordering the blackout of five websites that were offering financial services illegally.
Consob Takes Action: Blackout of 5 Illegal Financial Websites
The websites that have been ordered to be blacked out are as follows:
- Axiancefx - https://axiancefx.co
- Investment Analysts - https://investment-analysts.com
- Switchtrades Ltd - www.switchtrades.com
- Top Markets Ltd - www.europetrade.me
- BTC System Pty Ltd – https://btcsystem.net
The number of websites blacked out by Consob has continued to rise, with a total of 955 websites being blocked since the authority was delegated the responsibility to take such action in July 2019. The regulatory measures are aimed at protecting Italian investors from fraudulent financial intermediaries who operate without the necessary authorization.
The blackout of these websites by Internet service providers within Italy is currently underway, though it may take several days for these measures to take full effect due to technical reasons.
Consob emphasizes the importance of investors exercising diligence and caution when making investment decisions. They advise individuals to check in advance whether the financial service provider they are dealing with is properly authorized. It is crucial to ensure that a prospectus has been published for any financial products being offered.
To assist investors in making informed choices and protecting their savings, Consob offers a "Watch for Scams!" section on their website at www.consob.it, which provides information and warnings about financially abusive initiatives.
Cloning Scare: Consob Blocks Websites Resembling Reputable Brands
In a previous report by Finance Magnates, it was noted that Italy's financial market regulator, Consob, continued its crackdown on fraudulent financial service providers, blocking access to five suspicious websites offering services in Italy. The blocked sites, including FP Invest, XTB Empire Ltd, PRIMUSLTD, and Simple Trading, appeared to be clones of reputable brands in the retail trading industry. These websites offered risky financial instruments such as margin forex, CFDs on various assets, and cryptocurrencies. The regulator utilizes its authority to inhibit access to unauthorized financial service websites at a domain level, with "site blackout activities" currently underway
