CONSOB Flags 5 Unregulated FX Websites

CONSOB Flags 5 Unregulated FX Websites

Italy’s CONSOB just added 5 new websites to its list of banned internet services proviuders. The overseer has deemed these unauthorized as they promote their illicit trading products around the country. The Commissione Nazionale per le Società e la Borsa has warned its users not to invest in these, and to avoid them at all costs.

The newly added entities are Agrico Holdings Limited, Invest Area Ltd, Crypto Solution Ltd, Strat Ltd and WirexInvest Invest Limited. CONSOB, having the power to shut down illicit websites, has ordered these five entities to close down their operations for illegally offering services.

The Italian watchdog warns users to exercise caution when dealing with investment websites. Its number one advice is for users to show due diligence when making decisions on whether to invest in one place over the other, always picking the regulated entity over the unlicensed one. Moreover, CONSOB encourages users to visit its website to check for updates on the latest regulated and non-regulated brokerage entities.

The Italian regulator has radically increased all efforts in the war against investment scams. It has a strong stance on all things pro-investor, and its efforts have paid of in the form of a refined system of scammer detection.

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