Italian financial market regulator, CONSOB, has added six more websites to its blacklist, taking the number of blacklisted sites to 780 since July 2019.

The additional names on the list include Cryptopay Limited, CMS Limited, Clandestiny Group LLC, British Trade Limited, Sureinvest, and Axicapitals. This comes only one week after the regulator blocked six platforms for operating without authorization.

The 5 blocked websites provide highly risky financial products to retail customers, according to the Italian regulator. Most of these platforms offer forex and contracts for difference (CFDs) instruments while some offer crypto products as well.

The Blocked Websites Are Not Registered With The Regulator

Consob stated that the financial services platforms were blocked because they are not registered with the regulator, and therefore, operating illegally.

The companies are not regulated in any other European jurisdiction, and many of them are operating without any offshore authorization. This makes their services completely illegal and shady.

While Consob is busy blacklisting illegal websites, its counterparts in Cyprus, the United Kingdom, and Spain are also doing the same. The regulators have published several lists containing illegally operating entities in their respective jurisdictions. But the Italian regulator is one of the most active bodies in the industry, as it continues to actively monitor the market and fish out shady entities.

Consob has stronger authority to block access to these illegal websites at a domain level, unlike other regulators that have limited power. So, apart from publishing the names of the shady services, the Italian regulator can block access to the websites in the country as well.

Consob Advised Investors To Carry Out Due Diligence

The blackout of these websites by internet service providers (ISPs) operating in the country started in 2019 and has been ongoing since then. However, for technical reasons, the blackout can take several days before it comes into effect.

But monitoring these illegal platforms is not easy, despite the advancement in regulatory technology. They are only picked when affected users report cases to the regulator. As a result, Consob has advised users and potential investors to verify the identity and legality of any company before doing business with them.