Italy’s CONSOB Orders Blocking of 10 Unauthorized Crypto Websites

Italys financial markets regulator, the Companies and Exchange Commission (CONSOB), has issued new orders to block access to ten unauthorized websites offering crypto-asset services without the required approvals.

The targeted websites are:

• “YTT975” (https://ytt975.it)
• “YQZ585” (https://yqz585.it)
• “EWQ778” (https://ewq778.it)
• “AWE818” (https://awe818.it)
• “GRT325” (https://grt325.it)
• “TUT551” (https://tut551.it)
• “SFS854” (https://sfs854.it)
• “12DEF” (https://12def.it)
• “YTH937” (https://yth937.it)
• “C7VIZ” (https://c7viz.it)

CONSOB exercised its powers under the recently introduced Markets in Crypto-Assets Regulation and Legislative Decree No. 129 of September 5, 2024. These frameworks empower the regulator to restrict unauthorized platforms from soliciting Italian investors in the crypto market. Since July 2019, when CONSOB was first authorized to order website restrictions against illegal financial intermediaries, the total number of blocked sites has now reached 1,399.

Implementation of the Ban

Internet service providers (ISPs) operating in Italy are required to block the websites. However, the regulator noted that for technical reasons, full implementation of the blocking measures may take several days.

Investor Protection Reminder

Alongside the announcement, CONSOB reiterated its warning to investors about the risks of engaging with unregulated platforms. The regulator emphasized the importance of due diligence before making any financial or crypto-related investments.

Investors were reminded to:

• Verify that any operator offering financial services is properly authorized.
• Check that a prospectus or white paper has been duly published before investing in financial products or crypto-assets.
• Exercise caution and adopt prudent, common-sense practices to protect their savings.

Growing Oversight in the Crypto Sector

The move reflects Italys ongoing efforts to strengthen oversight of the digital assets market and align with broader EU regulatory initiatives under MiCAR. By actively blocking unauthorized operators, CONSOB seeks to reduce the risks posed by fraudulent platforms and enhance investor protection in a rapidly evolving sector.