Cryptocurrency RegulationForexNews

Italian Regulator CONSOB Has Blocked More Than 500 Financial Platforms In Two Years

The financial regulator in Italy called Commissione Nazionale per le Societa e la Borsa (CONSOB) locally has increased the list of its blacklisted financial service provider after adding ten names to the list making 505 service providers blacklisted.

At a network level, access to these firms will be revoked, and that means their websites will not will accessible to any Italian resident.

The enforcement action leading to the blacklisting of those financial services providers looking suspicious by CONSOB began around July 2019 when a new order was issued by the government. In the space of two years, the agency has kept up with its strict stance on non-compliant and fraudulent platforms.

The regulator stated in a statement: “The number of platform websites blocked in the country by CONSOB is now more than 500 in the space of two years. It began in 2019 when the Authority goes an interdiction autonomy from the government to target the abusive financial services platforms.”

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CFDs and FX Trading Platforms

The newly added service providers to the blacklist are the trading services offering forex trading services, including derivatives trading and other asset classes. The names of these service providers include DevTech Holding, Eu Investments Limited e James Long (Masons) Limited, Nata Trade Limited, Medica Trade, Plus CFD Ltd, FUNDIZA Ltd, Capitrades, GS4trade Invest Limited, Felicity Group Ltd, and Dzikanta Limited.

Though other regulators across the European union are flagging every suspicious financial service provider actively, it seems it is the Italian regulatory authority in the whole EU that is restricting access to the websites of the blacklisted financial service providers.

The statement added, “The restrictions placed on these websites through the Internet Service Providers in the Italian Space is actively ongoing. For some technical reasons, the black-out on these websites will take some days to take effect.”

While that is ongoing, the Commissione Nazionale per le Societa e la Borsa (CONSOB) announced the appointment of Chiara Mosca as the new commissioner earlier this month, which will further strengthen the work on the regulatory showdown and tighten the compliance of the companies offering stocks trading and crypto trading services in the country.

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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