Italy’s Companies and Exchange Commission (CONSOB) continues to thwart brokers and firms not authorized to provide financial services in the country by blocking websites, associated with such firms. The novel powers given to the regulator, known as the ‘Decreto Crescita’ (‘Growth Decree’) brings about cooperation with Internet Service Providers (ISPs) who restrict access to websites.
According to CONSOB, the latest firms to be blocked are:
- ForTradersFX Ltd (www.fortradersfx.com);
- Gembell Limited Services – PO TRADE LTD – Tifiya Group s.r.o. (www.pocketoption.com);
- FAH Investment LTD (www.web.cryptozone24.com);
- Muller Enterprise Ltd (www.aurumpro.co, https://aurumprofin.cc and https://aurum-pro-finance.cc);
- FSM Smart Ltd (www.fsmsmarts.com).
Furthermore, CONSOB is also now taking preventative measures in blocking access to firms who may have violated regulations elsewhere. In the case of Hoch Capital Limited and Rodeler Limited, the Cypriot parent of 24fx and 24option, the regulator has taken precautionary steps as it has witnessed violations taking place in another EU country.
We believe that other regulators in Europe and elsewhere should learn this novel approach, as it looks to be effective in protecting unsuspecting citizens from falling victim to scams and other fraudulent activity.