The Italian financial regulatory authority, Consob, has taken action to safeguard investors by ordering the blackout of five websites that were offering financial services illegally. These measures were taken in accordance with the powers granted by the “Decreto crescita” (“Growth Decree”), specifically Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies.
Under the law, Consob has the authority to compel Internet service providers to block access to websites that provide financial services without proper authorization within Italy.
The websites that have been ordered to be blacked out are as follows:
- Axiancefx – https://axiancefx.co
- Investment Analysts – https://investment-analysts.com
- Switchtrades Ltd – www.switchtrades.com
- Top Markets Ltd – www.europetrade.me
- BTC System Pty Ltd – https://btcsystem.net
The number of websites blacked out by Consob has continued to rise, with a total of 955 websites being blocked since the authority gained the power to take such actions in July 2019. The regulatory measures are aimed at protecting Italian investors from fraudulent financial intermediaries who operate without the necessary authorization.
The blackout of these websites by Internet service providers within Italy is currently underway, though it may take several days for these measures to take full effect due to technical reasons.
Verifying Authorization: A Crucial Step in Choosing Financial Services
Consob emphasizes the importance of investors exercising diligence and caution when making investment decisions. They advise individuals to check in advance whether the financial service provider they are dealing with is properly authorized. It is crucial to ensure that a prospectus has been published for any financial products being offered.
To assist investors in making informed choices and protecting their savings, Consob offers a “Watch for Scams!” section on their website at www.consob.it, which provides information and warnings about financially abusive initiatives.
Consob’s actions serve as a reminder of the importance of regulatory oversight and investor protection in the financial sector, particularly in the face of the proliferation of unauthorized financial service providers online.
