Italian Financial Regulator Blocks 6 New Illegal Websites

Consob, the government authority in Italy responsible for the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of the Italian securities market, announced today that it has ordered the blackout of 6 new websites offering financial services illegally in the country.

According to the official announcement, the regulator has blocked a total of 391 websites involved in fraudulent financial activities in the region since July 2019. Consob added that due to some technical reasons, it can take several days for the shutdown to come into effect.

Consob has ordered internet service providers to block the websites of Nab Europe Limited, Swiss Management Corporation, Expertsystemsfx, FXOptexGroups, Italiano invest and QubitTech Corporation.

“Consob has ordered the blackout of 6 new websites that offer financial services/financial products illegally. The Authority availed itself of the powers deriving from the 'Growth Decree' (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the blackout of the sites of abusive financial intermediaries, as well as of the power introduced by the Law no. 8 of 28 February 2020 (Article no. 4, paragraph 3-bis), with reference to the blackout of the site through which the abusive offer is carried out,” the regulatory authority mentioned in the official announcement.

Crackdown

Consob has accelerated its efforts to protect investors in the region through strict measures. Finance Magnates earlier reported that the Italian regulator blocked the websites of Axedo, Fxfinancepro, Donnybrook consulting, Globalinvestfx and Universe citizens limited. In addition to the blackout of illegal websites, Consob requested investors to adopt strict diligence before making an investment decision.

“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 is authorized, and, for offers of financial products, that a prospectus has been published,” Consob added.