CONSOB Warn Against Five FX Websites, Some Holding Passporting Rights

CONSOB Warn Against Five FX Websites, Some Holding Passporting Rights

It seems that CONSOB has made it its personal mission to rid Italy of all non-compliant forex brokers. In its latest crackdown, it blacklisted a number of FX firms, some of which are regulated in different, outside, jurisdictions. A total of 5 websites have been banned for illegally promoting trading assets to Italian users:

  • Fintech Software Inc, Oproserv Limited, Leadernet OU (www.fx-leader.com).
  • GrahamFE FinServices LTD and Elit Property Vision LTD (www.grahamfe.com)
  • Brokermasters Ltd (www.brokermasters.net)
  • Digital Exchange Limited and Securex Plus Solutions EOOD (www.dgxlimited.com)
  • Raw Trading Ltd (website www.icmarkets.com)

The watchdog claims that some of these are currently offering crypto assets.

Since CONSOB was granted the power to blacklist entities, it has done so to 300 firms.
This crackdown came at a post-CONSOB reform, allowing for more efficient identification of non-compliant firms.
CONSOB has also, since then, introduced a new legislation that allows the Italian overseer to cease the trading operations of investment firms operating in Italy that are not originally from there, but offer their service through the EU passporting route. That is how the regulator was able top legally prevent CySEC regulated entities from operating in Italy, in a recent turn of events.

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1 Comment

  1. Apprezzo il lavoro che sta compiendo la Consob,il mercato della Borsa merita una pulizia delle
    Società di Trading on-line non regolamentate dall’Autorità.
    Cordialità.

    Translated by Google:

    I appreciate the work that Consob is doing, the stock market deserves a cleaning of
    Online trading companies not regulated by the Authority.
    Friendliness.

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