Italy’s CONSOB Blocks Sites of ITradingFX and NEX TRADE in Latest Crackdown

Italys Companies and Exchange Commission (CONSOB) has ordered Internet service providers to block access to nine unauthorized investment websites, including “ITradingFX” and “NEX TRADE,” as part of its ongoing effort to curb abusive financial services Consob.

The latest orders target the following platforms:

• GeneveCapitalInvest
• Investium Group
• ITradingFX
• Ustrade24
• AlphaWealtExpertise
• NEX TRADE
• XPTRADERS
• FortiCard Limited

The regulator based its action on powers granted by the “Growth Decree” (Law no. 58 of 28 June 2019, Article 36, paragraph 2‑terdecies) concerning abusive financial intermediaries, and Law no. 8 of 28 February 2020 (Article 4, paragraph 3‑bis) for blocking illegal offers of financial products Consob. These measures are part of CONSOBs “Watch for Scams!” initiative to protect investors from unauthorized schemes.

This round of blackouts brings the total number of sites blocked since July 2019 to 1,300, up from 1,291 following last weeks order to block 16 unauthorized websites. For technical reasons, full implementation of the blocks by Italian ISPs may take several days.

CONSOB reminded investors to exercise due diligence when choosing online platforms: always verify that a financial services operator holds the proper authorization, and ensure any financial product offered is backed by an officially published prospectus. Detailed guidance is available on CONSOBs website under the “Watch for Scams!” section