Consob's Crackdown on Unlicensed Services

Consob’s Crackdown on Unlicensed Services

Time Stamp: October 20, 2023 2:23 AM
Source Node: 2945638

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. These measures were taken in accordance with the
powers granted by the “Decreto crescita” (“Growth Decree”),
specifically Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies.

Under
the law, Consob has the authority to compel Internet service providers to block
access to websites that provide financial services without proper authorization
within Italy.

The
websites that have been ordered to be blacked out are as follows:

  1. Axiancefx – https://axiancefx.co
  2. Investment
    Analysts
    – https://investment-analysts.com
  3. Switchtrades
    Ltd     – www.switchtrades.com
  4. Top
    Markets Ltd
    – www.europetrade.me
  5. 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.

Verifying Authorization: A
Crucial Step in Choosing Financial Services

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.

Consob‘s actions serve
as a reminder of the importance of regulatory oversight and investor protection
in the financial sector, particularly in the face of the proliferation of
unauthorized financial service providers online.

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. These measures were taken in accordance with the
powers granted by the “Decreto crescita” (“Growth Decree”),
specifically Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies.

Under
the law, Consob has the authority to compel Internet service providers to block
access to websites that provide financial services without proper authorization
within Italy.

The
websites that have been ordered to be blacked out are as follows:

  1. Axiancefx – https://axiancefx.co
  2. Investment
    Analysts
    – https://investment-analysts.com
  3. Switchtrades
    Ltd     – www.switchtrades.com
  4. Top
    Markets Ltd
    – www.europetrade.me
  5. 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.

Verifying Authorization: A
Crucial Step in Choosing Financial Services

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.

Consob‘s actions serve
as a reminder of the importance of regulatory oversight and investor protection
in the financial sector, particularly in the face of the proliferation of
unauthorized financial service providers online.

Time Stamp:

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