Italian regulator CONSOB announced the shutdown of six unauthorized forex websites operating in the country. This has brought up the total number of blocked unauthorized domains in the country to 360.
Regular bans websites
The Italian regulator of financial markets was provided with the power to block domains in the country under the Growth Decree in June 2019. Including the latest shutdowns, the total number of websites blocked by CONSOB since July 2019 has gone up to 360. All the domains were providing unauthorized forex services to the local residents.
The authority has ordered internet service providers to block access to six websites- Universe citizens limited, Donnybrook Consulting, Thinkmarket 247 Ltd, Fxfinancepro, Axedo, and Globalinvestfx. The blockage may take several days to come into effect because of technical reasons.
The official announcement from the regulator reads,
“The Authority availed itself of the powers deriving from the ‘Growth Decree’ (Law no. 58 of 28 June 2019, Article no. 36), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.”
Observing due diligence
CONSOB has asked investors in Italy to adopt due diligence before making any investment decisions. It has also asked investors to remain aware and report any unauthorized of fraudulent companies to authorities. It said that adopting common sense behaviors are paramount to protect their savings. The users must check the authorization status of the website they are working with and ensure that a prospectus has been published of the financial products they provide.
The Italian financial watchdog is taking stricter measures to block unauthorized entities from operating in the local market. It is cracking down on websites that are providing illegal and unregulated financial products to users. It recently asked internet companies to block domains of ADV-Investment, Investoomatic Limited, and Kiqiwk Holdings Intl Limited.