The Italian securities market regulator, locally known as the Commissione Nazionale per le Società e la Borsa (CONSOB), has announced on Friday that it ordered the black-out of seven websites illegally offering financial services in the country.
The seven blacklisted websites are:
All these seven websites are offering trading services with multiple assets including forex, equities, and commodities.
With this recent addition, the CONSOB is restricting the access of 268 platforms in total, all for offering suspicious financial products or services in Italy. Earlier this month, the regulator flagged and imposed similar restrictions.
The securities regulator received the power to black-out websites in July 2019 under the so-called “Growth Decree” that extended its crack-down power on unregistered authorities.
“The activities for the blackout of the said websites by the Internet connectivity providers operating on the Italian territory are in progress,” the regulatory notice detailed. “For technical reasons, it can take a few days for making them effective.”
Increasing scams alerted the regulators
Meanwhile, there is also an increase in financial scams all around the world, especially because of the fears and opportunities with the COVID-19 pandemic.
The CONSOB is among the in Europe when it comes to flagging leveraged offshore brokers. The watchdog also put a blanket ban 24Option and Hoch Capital Ltd, before they were flagged by the FCA and CySEC. Both these brokers earlier this month, Finance Magnates reported.
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