Italy's CONSOB Blocks 1,000 Unauthorized Investment Websites

The Companies and Exchange Commission (CONSOB), the financial regulatory authority of Italy, has recently reached a noteworthy milestone in its efforts to combat unauthorized financial services. With this most recent action, CONSOB has effectively mandated the obstruction of one thousand investment websites that were functioning without appropriate authorization. This endeavor exemplifies the dedication of CONSOB to safeguarding Italian investors against possible financial fraud and unauthorized operations.

Key Developments in the Campaign Against Unauthorized Websites

• Recent Actions: CONSOB's latest operation involved blocking access to five new websites, namely Bitblanco, StormInvest, Cryptogo365 Ltd, TCRinvest, and EuroXTradeFX. These sites were offering financial services without the required legal approval.

• A Four-Year Journey: This achievement marks over four years of dedicated efforts since July 2019, when the “Decreto crescita” (Growth Decree) empowered CONSOB to order internet service providers to block access to such unauthorized websites in Italy.

Impact and Implementation

• Technical Process: The process of blocking these websites involves ongoing collaboration with internet connectivity providers in Italy. Due to technical factors, the implementation of these blocks may take several days to complete.

• Investor Protection: CONSOB emphasizes the importance of investor diligence. It advises investors to verify the authorization of financial service providers and to ensure that a prospectus is available for any financial product offers.

Resources for Investors

• “Watch for Scams!” Initiative: To assist investors in recognizing and avoiding financial scams, CONSOB has established a dedicated section on its website, www.consob.it. This resource offers valuable information and warnings about potentially abusive financial initiatives.

A Commitment to Safe Investment Practices

Consistent efforts to prohibit illicit websites by CONSOB exemplify the organization's dedication to fostering a more secure investment climate in Italy. Before selecting investments, the authority advises investors to exercise extreme caution and conduct exhaustive due diligence. It is essential to implement this proactive strategy to safeguard funds and promote informed investment decision-making.

Looking Ahead

As it continues to monitor and intervene in unauthorized financial activities, CONSOB maintains a crucial position in protecting the financial well-being of Italian citizens. One thousand websites have been blocked by CONSOB, demonstrating the organization's unwavering commitment to preventing financial misconduct and preserving a secure investment environment in Italy.

About CONSOB

The responsibility for supervising the securities market in Italy is vested in the Companies and Exchange Commission (CONSOB). The organization's primary goals are to ensure the protection of investors' interests, foster an environment of transparency and ethical behavior among financial market participants, and facilitate the expansion and effectiveness of the market.