Consob Blocks Access to Clone Sites of E*TRADE and ActivTrades

<p>Consob, the
Italian financial markets regulator, announced yesterday (Wednesday) that it
has blocked five websites belonging to unlicensed companies offering access to
financial services. Among them were clones of the popular brokers, ActivTrades
and ETRADE.</p><p>Consob Block E*TRADE and
ActivTrades Clones</p><p>According
to a press release published by Consob, the regulator has requested Internet
Service Providers (ISPs) in the country to block access to the websites of
Binetrix, Bitbinx, FX Modex, and clones of the previously mentioned brokers.</p><p>Active
Trades Ltd. provides services from the 'theactivetrades.com' address, while
E-trade operates from 'e-trade.cc'. Scammers, in this case, do not use the website
design and logo of licensed entities, but they have practically the same names.
This can potentially mislead customers. The first website remains accessible,
while the second one was unable to respond at the time of writing.</p><p>In the
financial industry, a <a href="https://www.financemagnates.com/terms/c/clone/">clone</a> broker is a dishonest entity that uses the data of
a legal, regulated broker to deceive investors, making them believe they are
dealing with a real regulated broker.</p><p>Consob reports that since July 2019, when it gained the ability to ban access to
fraudulent websites, it has already blocked 919 of them.</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," the Italian regulator reminds in an
official statement.</p><p>Increased Attacks of
Clones</p><p>The recent
activity of Consob shows that clones of well-known brands in the financial
market are a persistent and ongoing problem. At the end of May, the regulator
<a href="https://www.financemagnates.com/forex/nadex-clone-and-three-other-sites-blocked-by-consob/" target="_blank" rel="follow">warned about a clone</a> of the Northern American Derivatives <a href="https://www.financemagnates.com/terms/e/exchange/">Exchange</a> (Nadex), a
US-based platform for retail investors allowing short-term binary options
trading. A few weeks earlier, it had blocked access to the <a href="https://www.financemagnates.com/forex/uk-flags-plus500-clone-italy-blocks-xtb-empire-3-others/" target="_blank" rel="follow">XTB Empire site</a>, a
clone of the publicly traded broker, XTB.</p><p>Other
European regulators have recently issued warnings about clones. Last week,
<a href="https://www.financemagnates.com/forex/fca-warns-against-etoro-clone-misusing-license-number/" target="_blank" rel="follow">the British FCA issued a warning</a> concerning a company impersonating the social
trading giant, eToro using the broker's license number. A day later, CySEC drew attention <a href="https://www.financemagnates.com/forex/cysec-warns-against-oanda-tms-clone-website/" target="_blank" rel="follow">to a clone of the Polish brokerage house, TMS</a>,
which is currently part of the OANDA Group.</p>

This article was written by Damian Chmiel at www.financemagnates.com.