CONSOB Bans 400 FX Websites Since 2019

CONSOB Bans 400 FX Websites Since 2019

The Italian FX regulator is well known amongst the forex industry players as the one with the power to demand local internet providers to shut down illicit financial services websites, some even that are regulated in their appropriate jurisdictions. The Commissione Nazionale per le Società e la Borsa (CONSOB) is on, what some are calling it, rampage the last couple of years, as the number of sites that the agency has shut down has reached 400.

Consob received permission to ban scammer broker websites all the way back in July 2019. Since then, it hasn’t stopped enforcing this.

In its latest move, the Italian overseer closed down four new firms that were illegally promoting FX products. These websites are investigram.com (Investigram Ltd); eurofx.trade (Donnybrook Consulting Ltd); stockmarketinvest.pro/client.stockmarketinvest.pro (FCS Technology Ltd); royaltradefx.com/my.royaltradefx.com (KBS Capital Markets Ltd )

Consob is currently the only EU regulator with the right to block websites of scammer brokers, intermediary sites to these scams, and unauthorized financial services providers. Recent hot news around brokers regulated by CySEC being ordered to cease all operations in Italy circulated, resulted in a clash of opinions.

The strictness and severity of these bans come at a time when the Italian FX market is being flooded with scammer offshore schemes.

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