Italy’s CONSOB blocks Unauthorised Investment Websites

Italys Companies and Exchange Commission (CONSOB) has issued orders for the blocking of access to more illegal investment websites.

The websites and companies targeted by the latest set of orders are:

“Caledonia Advisory” – (websites https://eibank.io and https://kunderbank.io and related pages https://my.kunderbank.io and https://web.kunderbank.io);

“Trade4winner” – (website https://trade4winner.com and related page https://crm.sheersmarkets.com);

“OnspotBNK” – (website www.onspotcap.com and related pages https://clientzone.onspotcap.com and https://webtrader.onspotcap.com).

The Authority availed itself of the powers deriving from the “Decreto crescita” (“Growth Decree”; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.

The regulator made use of the powers deriving from the “Decreto crescita” (“Growth Decree”; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.

The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 927.

Last week, the regulator ordered the blocking of access to four websites, including those operated by ProtechFx and PrimusForex. The black-out of these websites by Internet service providers operating in Italy is ongoing. For technical reasons, it can take several days for the blocking to be implemented.

CONSOB

The Companies and Exchange Commission of Italy, also known as the Commissione Nazionale per le Società e la Borsa (CONSOB), is responsible for regulating and supervising the Italian financial markets. It oversees the activities of companies listed on the Italian Stock Exchange, ensuring compliance with laws and regulations. CONSOB also plays a crucial role in protecting investors and maintaining the integrity of the market by enforcing transparency and disclosure requirements. Additionally, the commission has the authority to investigate and sanction any violations of the rules, promoting fair and efficient markets in Italy.

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