Abstract：Italy’s financial regulator, Consob, has recently taken strict enforcement measures by exercising its MiCAR (Markets in Crypto-Assets Regulation) authority for the first time. This action targeted unauthorized crypto asset operators, leading to the shutdown of several fraudulent websites and exposing various types of financial scams.
Consob Enforces MiCAR, Shuts Down Three Websites
In February 2025, Consob enforced MiCAR for the first time, shutting down three unauthorized crypto websites:
• Dobibo (Websites: https://dobibo.com, https://dobibo1.com, https://dobibo2.com)
• Fameex (Websites: https://fameexn.top, https://fameexn.com)
• www.intelligenza-ai.com (Blocked for offering token sales without filing a white paper with Consob)
These platforms operated without proper authorization and lacked regulatory approval. www.intelligenza-ai.com was specifically shut down for issuing tokens without notifying Consob, violating MiCAR regulations. This enforcement marked a new phase in Italys crackdown on illegal crypto activities.
Scams Exploiting Celebrity and Business Figures
Alongside shutting down unauthorized crypto websites, Consob has also investigated websites exploiting the names of well-known business figures and companies. For instance, Fininvestonline.com (https://fininvestonline.com) misused the Fininvest/Mediaset brand and the names of Berlusconi family members to promote fraudulent financial services.
Consob warns that such scams often falsely associate investments with high-profile politicians, business leaders, or financial institutions, deceiving investors into believing they are engaging in legitimate, reputable ventures. As a result, many have suffered financial losses.
Beware of “Squared Scams”
Consob has also issued a warning about “Squared Scams”, a type of fraud that specifically targets individuals who have already fallen victim to previous scams. Fraudsters pose as legal firms or regulatory authorities, claiming they can help victims recover lost funds. However, they charge high fees for their services without delivering any actual assistance.
Some scammers even forge Consob or other regulatory bodies logos and documents to make their fraud appear more credible. Investors who fall for these deceptive schemes not only fail to recover their lost funds but also suffer additional financial losses.
Advisory from WikiFX
In the market, investors often struggle to determine the legitimacy of trading platforms. Unauthorized crypto service providers may disguise themselves as reputable websites, luring users into high-risk transactions. Consobs recent enforcement actions have exposed several unregulated websites, further highlighting the importance of conducting thorough background checks on platforms before trading.
To help investors avoid unregulated platforms, WikiFX offers a one-click verification feature, allowing users to easily check whether a particular exchange or broker is licensed by the local financial regulatory authorities. Additionally, WikiFX provides an investor complaint channel, enabling users to share their trading experiences and receive risk warnings regarding various trading platforms.
