The Italian markets regulator CONSOB has order to blackout of five illicit financial services-offering websites. The regulator stated clearly that the following companies were offering unregulated servcies to local investors and internet users.
The names of the recently blocked website are Bitaroma, ETA Ltd, Invest Union Ltd, Tetris Group Ltd, and Finomarkets.
CONSOB has the special authority to outright block shady websites, powers derived from the Growth Decree law. no 58 of June 2019. On the basis of this legislation, the regulator can order internet providers to block access to certain unregulated financial services-providing sites. A total of 708 websites have been blocked by the Italian watchdog ever since.
Additionally, CONSOB adds that its website has a fully dedicated “Watch for Scams” section in which it has included a user friendly guide on how to spot scammer sites and fraudulent activities. Furthermore, the overseer also advices users to check the the legitimacy of each and every financial services site they visit, prior to making any investment decisions.
It has been an increasingly difficult effort for CONSOB to stay on top of these scammers since they appear at all times and out of nowhere. However, the regulator has stepped it up and increased its allocated resources to these sort of activities.