Italy’s CONSOB Mandates Blocking Of 8 More Online Trading Websites

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The Companies and Exchange Commission (CONSOB) stands as Italy’s financial regulator. Today, it announced that it had ordered the blocking of access to another eight investment websites that aren’t authorized to operate within the country. This comes in accordance with the regulator’s new powers that were granted to it by the so-called “Growth Decree.” The eight websites in questions had refrained from applying for the appropriate licenses needed to do business in Italy, but offered its services to the country’s citizens, regardless

Eight More For The List

These websites, which the regulator had ordered the country’s ISPs to block access to, are eight in total. However, of those eight, four websites are dedicated to one company, in particular. The companies that were affected were DevTech Holding (swissglobalpro.com), Profx700 Limited (www.profx700.com), “Euronovafxasset” (euronovafxasset.com), and Meg Trans Ltd and Roi stock Limited (www.raxtrade.com). Netbit Services and Solutions Limited and “Trade Idea” held four separate domains, which were all blocked (https://elitetrading.co, www.tradeidea.co, trading.elitetrading.co, and secure.elitetrading.co)

It should be noted, however, that these companies didn’t bother to take the appropriate measures to operate within the country, and should be treated with the level fo distrust applicable to it. As such, it’s recommended that readers of these articles do not visit the aforementioned sites.

247 Websites Blocked And Counting

The number of websites that have been blocked with the powers given by this “Growth Decree” has now increased to a total of 247. The previous flurry of blocking orders that the Italian regulator had issued, had an impressive 16 websites blocked in a single go. In a more extreme case than this session, one company alone had eight websites that Italian ISPs had to remove. While these companies lack proper protocol and probably want to steal your money, it’s noteworthy how determined they can be to pull it off.

Trying To Stem The Tide of Fraudulent Finance

The “Growth Decree,” which allowed the Italian regulator to start the banning of web domains, to begin with, started in the summer of last year. This legislation allows the Italian regulator to mandate the country’s internet service providers (ISPs) to block access to certain websites that were illegally trying to prey upon Italian citizens. Before this legislation, CONSOB was stuck with just open warnings to the public at large.

While it’s impossible to block every single illegal website, the Italian regulator is working hard to protect its investors. In time, they may even have a statistical effect on investors not losing money due to these sites being blocked. Or the criminal elements will just restart, try another angle. The world never stops moving, and criminals typically don’t give up easily.

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