The Italian regulatory body Commissione Nazionale per la Societa e la Borsa (CONSOB) issued a warning regarding the unauthorized brokerage B4 Markets Ltd.
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The Italian financial watchdog's target is an Online Trading company that is illegally soliciting local traders. B4 Markets, a Forex and CFD trading brokerage, has been offering a trading environment, financial advice, and other online investment services without receiving the all clear from the regulator first. The lack of registration means that the brokerage has been operating while in violation of the Italian law.
According to the B4 Markets website, the online trading company does not seem to be regulated by any regulatory authority.
CONSOB’s Long Battle against Unregistered Brokers
Unregistered brokers can be a nightmare to deal with, be it a regulator or a client on the other side of the equation. The Italian regulatory authority is well versed in handling and issuing warnings against illegally operating companies, which often include a number of firms in one notice.
About a month ago, CONSOB’s warning cited more than 20 brands, including but not limited to Yukon Global Ltd, Top Media Ltd, Markets Broker, Funds Point, Pounds in Accounts, Hbfx Markets Limited, Global Fin Services Limited trading as Trade 12, Marketier Holdings trading/Stox Market, Taurus Private Equity GmbH, Grace lnvestment/Grace lnvestment Llc, Doyle & Page Global/Bdp Global, Bancroft, MNB Holdings, and Okpay Inc.
In May, the Italian financial watchdog alerted traders to four binary options and forex brands run by five operating firms, as they were soliciting clients while unregistered. The brands are Spot2Trade, CRLink, Keyds Lydya, BT Systems, and Keyds Scotland LP. The offending websites may have already been blocked on Italian servers at the time.
