As exclusively reported by Finance Magnates, the UK FCA registered and regulated broker TIO Markets has had a mishap with Italy’s CONSOB regulator, which is known to completely block access to unlicensed online brokerages in the country. Its latest round of blacklisting and blocking actions, the Italian regulator also included UK licensed TIO Markets.
Among the other companies blocked are Terratech Ltd (www.eufxindex.com), GFX FINANCE GMBH (www.gfxroyal.com), Luxor Asset Management Trust (www.luxoramt.com), Bstox24 (bstox24.com and client.bstox24.com), and Crypterium Financial Services (crypteriumfs.com).
Finance Magnates was able to get a hold of TIO Markets representatives for comment, who stated that the broker provides services to Italian residents via its UK entity, which is entitled to passport rules within the EU. Needless to say, the broker also maintains an offshore entity in Saint Vincent and Grenadines and this may have been the issue.
The broker indicated that it is abiding by the decision of the regulator at this point, telling Finance Feeds that “we have therefore taken the affirmative actions of removing the Italian language from the company websites in order to deter any Italian clients from joining the incorrect entity.”
Remember to always Check Your Broker before making a decision to trade!
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