Consob Blacklists Another 7 Illegal Financial Services Websites

Consob, the Italian financial market supervisor, has continued its bust for illegally operating financial services platforms as it announced on Friday the blacklisting of seven additional entities, six of which are illegally operating in the country while one is offering financial products without any prospectus.

The recently added illegal platforms to the regulatory blacklist are 24tradex, Trade Action Ltd, Renaissance Invest LTD, ProfitMarketsCFD, Notesco Limited and GDenlinea. As always, these platforms offer derivatives products of currency pairs, cryptocurrencies and other asset classes.

A Long List of Blocked Platforms

Consob actively started to blacklist the illegally operated financial platforms in July 2019 when it was provided the authority to block access to any such online platforms at a network level. Since then, the regulatory blacklisted 565 entities, including the recently added seven.

“The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect,” Consob stated.

Other top financial market regulators are also flagging shady and unauthorized financial services platforms operating in their respective jurisdictions. However, none of them has the authority like Consob to totally block access to these websites.

“Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common-sense behavior, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing in is authorized, and, for offers of financial products, that a prospectus has been published,” the regulator added.