The FinancialItaly’s Companies and Exchange Commission (CONSOB) has announced a ban on a Cypriot firm doing business to attract italian residents that is tied to a list of fraudulent options trading websites. CONSOB has prohibited Rodeler Limited from the provision of investment services and conducting activities in Italy. The ban also applies to the following websites:
- 1) www.24option.com,
- 2) www.rodeler.com,
- 3) www.24fx.com,
- 4) www.grandoption.com,
- 5) www.quickoption.com.
Consob explains that the measure was necessary as Rodeler Limited has been repeatedly violating the regulations in force despite the directions of the Cyprus Securities and Exchange Commission (CySEC), issued in response to the reports sent by Consob to the CySEC.
This case highlights how two individual regulators are now battling one large entity in order to protect traders and investors from fraud and unnecessary risks. Such cooperation should be welcomed, encouraged and expanded, as scam websites and fraudulent companies continue to plague investors in Europe and other developed nations