Italy has blocked almost 200 domains of illegal brokers

The Italian financial regulator has blacklisted several more brands offering trading services in the Forex and cryptocurrencies markets. Tough actions against these unauthorized players in the financial services market are due to the high activity of offshore brokers, including in the grey zone of the country’s cryptocurrency sector.
The following companies that do not have a work permit in Italy and attracting Italian clients fell under the regulator’s sight: Sigma Consulting Limited and Solt Corp. (firstcapital.fm); Itistocks Brokers (itistocksbrokers.com); GAM Group Ltd (marketsfx.org); Elit Property Vision (global-banco.com); Platin-fx (platin-fx.com).

Thanks to a new decree, the so-called Decree of Crescita, CONSOB may require Internet providers to block websites in the country. For technical reasons, the process may take several days before the intruder’s site goes offline.

CySEC licensed companies are also banned

Authorities also warned several licensed brokers that they could not promote unregulated products, hiding behind Consob’s fake permissions. The regulator also added that financial advertising does not give consumers a clear understanding of financial products and services, as required by the rules.

CONSOB is one of the most active and strict financial regulators in Europe when it comes to companies offering margin trading. It recently demanded that an Internet service provider block Italian investors from accessing seven online brokers. Thus, 194 companies are now on the blacklist.

In addition, the regulator imposed a complete ban on the activities of 24Option and Hoch Capital Ltd – Forex and CFD brokers with a CySEC license. CONSOB said that the ban is related to the need to protect Italian investors from violations committed by Cypriot brokers.

Remember, that from July 2019, according to the Crescita Decree (Law No. 58 of June 28, 2019, Article 36, paragraph 2), the National Commission for Companies and Stock Exchange CONSOB (Commissione Nazionale per le Società e la Borsa) has the right to require Internet providers to block access from Italy to websites offering financial services without permission. Previously, the regulator, like many of his other colleagues, was limited only to a warning to the public not to get involved in an illegal company.