More Unregulated Financial Service Providers Are Blocked by Consob

Five of these platforms offer illicit CFD trading.

774 illegal platforms have now been blocked by the Italian regulator.

Consob, Italy's financial market regulator, has registered six more platforms offering illegal financial services. Five of the blacklisted platforms offer forex and contracts for differences (CFD) instruments, and one of them is a football organization that offers an investment fund.

The following websites have been blocked:

• PX Fintech Limited

• Alphafxprime

• Titancfd

• BB360.market EU Limited

• Winnex Consulting

• Uefa Football Fund Ltd

None of the CFD providers on the blacklist appear to be regulated anywhere. In addition, Alphafxprime, one of the platforms, lies about being licensed and regulated by Consob.

The regulator also stated that the Uefa Football Fund attempted to raise funds from small investors by using the name of the European football governing body, despite the fact that the two organizations have nothing in common. Furthermore, according to the website, “compensations are the investment guarantee offered to members by UAE Financial Group and the City Football Team, not by the UEFA Football platform itself.”

Scams abound.

Globally, financial scams abound, and the number of illegal CFD platforms is only increasing. Consob also monitors and blacklists platforms that provide services in its jurisdiction.

On the other hand, some financial market regulators are bringing attention to illegal platforms and even going after regulated entities that break the law. CySEC, which is in charge of a jurisdiction that brokers prefer, has reached financial settlements with several brokers who may have broken the rules, and in the worst cases, has even taken away their licenses.

The Italian regulator is different from its European counterparts in that it can block access to financial services platforms that are on a blacklist at the domain level. Since receiving new powers in July 2019, it has blocked 774 illegal platforms.

In an official press release, Consob said, “Consob reminds investors how important it is to be very careful when investing so they can make well-informed decisions and act in a way that makes sense to protect their savings.”

What exactly does Consob do？

The Commission Nazionale per le Società e la Borsa (CONSOB) is a government agency that regulates the Italian stock market. Its activities are designed to safeguard the investing public.

CONSOB performs several functions:

• it regulates the investment services and operations of intermediaries, the reporting obligations of companies listed on regulated markets, and the solicitation of investment from the public;

• it authorizes the operations of regulated markets, the publication of prospectuses, the centralized management of financial instruments, and enrolment in registers;

• it monitors the operations of market management companies, the transparency and orderly conduct of trading, and the transparency and fairness of the conduct of intermediaries and financial representatives;

• it penalizes any unfair conduct by the above-mentioned parties;

• it checks the information provided to the market by entities that solicit investment from the public, as well as the information contained in the accounting documents of listed companies.

Keep checking back for more Forex Regulatory News.

To access the news on the go, download the WikiFX app from the App Store or Google Play Store.