Consob's Fight against Financial Fraud: 4 Websites Blocked in Latest Push

<p>The Italian financial market regulator, <a href="https://www.financemagnates.com/tag/consob/">Consob</a>, has continued its actions against illegal financial services platforms with the latest blacklist of four new websites. According to today's (Friday's) announcement, these websites are illegally offering services in Italy.
</p><p>Consob Continues Blacklisting Illegal Platforms
</p><p>The blocked platforms are Caledonia Advisory, Trade4winner, OnspotBNK, and other related pages. These platforms offer high-risk investment instruments, like contracts for differences (CFDs) of forex and other asset classes.
</p><p>To offer financial services in Italy, platforms need <a href="https://www.financemagnates.com/forex/nadex-clone-and-three-other-sites-blocked-by-consob/">authorization from Consob</a>, or they can passport their license from another jurisdiction within the European Economic Area (EEA). However, the local regulators still have the authority to decide on the activity of the platforms.
</p><p>The latest blacklisted platform did not hold any valid authorization to operate in Italy. Two platforms, Caledonia Advisory and OnspotBNK, look like outright scams with no licenses or any authorization.
</p><p>However, Trade4winner claims to be based in St. Vincent &amp; The Grenadines and mentioned the license details of Trade Capital UK, which operates legally with authorization from the Financial Conduct Authority (FCA). <a href="https://www.financemagnates.com/">Finance Magnates </a>reached out to both companies and will update their on relation accordingly.
</p><p>Recently, Consob blocked the <a href="https://www.financemagnates.com/forex/consob-blocks-access-to-clone-sites-of-etrade-and-activtrades/">clones of E*TRADE and ActivTrades</a>, two regulated FX/CFDs brokers.
</p><p>Crackdown Continues
</p><p>With the latest action, Consob is now blocking a total of 927 websites for illegally offering financial services in Italy.
</p><p>Unlike other regulators, the Italian watchdog has the authority to block access to the blacklisted websites at a domain level. These powers were granted by legislation in June 2019.
</p><p>"The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect," the regulator added.
</p><p>"Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published."
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This article was written by Arnab Shome at www.financemagnates.com.