CONSOB Blocks Unregulated Brokers Domains

CONSOB the Italian securities regulator, blacklisted a new list of FX and crypto-focused brands today. Actions on these unauthorized actors in the market came as offshore brokers continued to chase online trading businesses in Italy. This includes within the grey area of the country’s cryptocurrency sector.

The following websites belong to entities that do not have permission to offer financial services in Italy. But they continue to solicit investments from locals. They include  Sigma Consulting Limited and Solt Corp. Ltd, Itistocks Brokers, GAM Group Ltd, Elit Property Vision Ltd, Platin-fx Ltd.

The Italian regulator was using new tools to address illegal operators in the market. This was when the “Growth Decree” extended its powers far beyond.

With this decree, CONSOB can order Italian internet service providers to block websites in the region. Due to technical reasons, it can take several days for the black-out to come into effect. It would come when these websites shut for a temporary period.

CONSOB’s Ban also Hits Cysec-regulated Firms

The authority has also warned authorized firms against falsely advertising unregulated products as being regulated by Consob. The watchdog added that these financial promotions were not likely to provide consumers with the clarity required by its rules.

It could leave them unable to understand whether the promoted products or services were beyond its limit.

In dealing with leveraged trading,  the Italian regulator has been among the most vigilant and strict regulators in Europe.

Recently, it has ordered the country’s internet access providers to obstruct Italian investors’ access to seven online brokers. This brings the total number of blacklisted entities to 194.

The watchdog also has put a blanket ban in place against activities of 24Option and Hoch Capital Ltd. Both were CySEC-licensed Forex & CFD brokers.

CONSOB said the ban was necessary to protect Italian investors. This was after the Cyprus brokers repeated its violations despite the measures adopted by its original regulator.