CONSOB Cracks Down on 5 Illegal Financial Websites

In a decisive move to protect investors and the integrity of the financial market, the Italian financial regulator CONSOB announced on November 17, 2023, the black-out of five new websites offering financial services unlawfully. This action is part of CONSOB's ongoing commitment to combat financial fraud and safeguard consumer interests.

The websites targeted in this recent crackdown are:

1. Bitblanco - www.bitblanco.com and webtrader.bitblanco.com

2. Alphascrypto - www.alphascrypto.uk

3. Billionaire Trade Ltd - billionaire-trade.com along with its related pages

4. Infinity Invest - infinityinvest.pro and its associated platforms

5. CustomhouseCL - www.customhousecl.com and related trading platforms

Since July 2019, when CONSOB was empowered to order the black-out of websites operated by fraudulent financial intermediaries, the total number of blocked sites has reached a significant milestone of 970.

CONSOB underscores the necessity for investors to practice utmost diligence in making investment decisions. It is crucial to verify the authorization of any financial service provider and ensure the availability of a prospectus for financial product offers. These steps are essential to safeguard personal savings and avoid falling prey to illicit financial schemes.

This latest enforcement action by CONSOB reflects its unwavering commitment to maintaining a safe and transparent financial environment in Italy. The regulator continues to monitor and take necessary actions against entities that pose a risk to investor safety and market integrity.

About CONSOB

CONSOB, the Italian Companies and Exchange Commission, is the government authority responsible for regulating the Italian securities market. Its mission is to protect investors and ensure the smooth functioning of the financial markets through oversight, regulation, and enforcement actions.