CONSOB Now Has 780 Illegal Platforms Blocked, Including The Addition Of Six New Ones

Since July 1, 2019, the regulator has begun banning access to illicit websites.

The majority of these sites provide FX and CFD instruments.

The Consob, which is in charge of the Italian financial sector, released a new list on Thursday that banned six more platforms from giving illegal financial services in Italy.

The names on the list are:

• CMS Ltd

• Clandestiny Group LLC

• Cryptopay Limited

• Axicapitals

• Sureinvest

• British Trade Limited

The latest list was released only a week after the Italian authorities shut down six previous illicit sites.

The government agency has now blocked 780 sites in Italy that are selling financial goods in a way that is against the law.

Retail clients are offered dangerous financial products by the recently delisted platforms. The majority of platforms provide forex and contract for difference (CFD) products. At the same time, several companies sell crypto goods.

Other European countries do not regulate these financial services platforms. Most of them don't even have the legal right to do business abroad, which makes their services questionable and what they offer illegal. Though such illicit sites accept deposits through a variety of means, the problem arises when traders want to withdraw their money.

Consob isn't the only group that has found sites like these that offer illegal financial services. Its equivalents in Cyprus, Spain, and the UK also make lists like this regularly. But the Italian company is one of the most active regulators because it constantly watches the market for services like these.

Access Restrictions

Since July 1, 2019, Consob, unlike other authorities, has had the right to prohibit access to these illicit websites at the domain level. This provides the regulator with greater authority than just publicizing the names of corporations that have raised red flags.

“These websites are still being blocked by Internet service providers on Italian soil,” Consob said. “For technical reasons, the blackout may take several days to take effect.”

Even if regulation technology has advanced, it is difficult to keep track of all the illicit sites. They are only discovered when victims complain about their losses. So, Consob and other authorities tell traders to make sure that platforms that sell financial products are registered before using them.

About CONSOB

The Italian stock market is run by the Commissione Nazionale per le Società e la Borsa (CONSOB), which is a government agency.

Its operations are designed to safeguard the investing public.

In this case, the CONSOB is in charge of making sure that financial market participants are honest and act in the right way. It also makes sure that listed companies give the investing public complete and accurate information, that the facts in prospectuses for offerings of transferable securities to the investing public are correct, and that auditors on the Special Register follow the rules.

It conducts investigations into alleged breaches of insider trading and market manipulation regulations.

About WikiFX

WikiFX is a worldwide corporate financial information search engine. Its primary duty is to provide the included foreign exchange trading organizations with basic information search, regulatory license searching, the credit assessment, platform identification, and other services.

Over 39,000 brokers, both licensed and unregistered, are listed on the network. The people in charge of WikiFX have been working hard with 30 financial regulators from all over the world to make sure the information they give is accurate.

WikiFX has been working with CONSOB to help with any problems with trading or brokers that its rules cover.

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