In yet another episode in a long-running campaign, the Italian financial regulator, Consob, once again blocked access to a number of purported scam investment websites, including those with similar names to legitimate brokers licensed elsewhere in Europe.
The watchdog added four domains to its register of banned internet sources for illegally promoting trading products in the country.
Italian investors have been warned not to take out any financial services from – Xtbinvesting (website www.xtbinvesting.io and its page https://client.xtbinvesting.io), Invest Union Ltd (website www.investunionltd.io and its page https://client.investunionltd.io), AdmiralEcn Cyprus (website www.admirals-ecn.com and respective page https://my.mtpexperts.com) and Cryptoneyx (site https://cryptoneyx.io).
The number of sites blacked out since July 2019, when Consob got the power to ban the websites of financial intermediaries it deems unregulated, has risen to 758.
Today’s blacklisted sites offer forex and CFDs trading, but the CONSOB says some of the names featured in the warning are dealing in crypto assets, either in the form of the underlying coins or its related derivatives such as CFDs.
The crackdown comes after Consob refined its process for identifying non-compliant companies. Recently, the regulator went after a handful of CySEC-licensed brokers and ordered them to cease operations in the country. The decisions also prevented Cypriot intermediaries from soliciting customers or…
