Consob Cracks Down on Illegal Financial Websites, Bringing Total Blackout to 959

<p>The Italian regulatory authority, Consob, has taken action
against four new websites offering illegal financial services and products. </p><p>List of Blacklisted Websites by Consob</p><p>The following websites have been ordered to be blacked out:</p><ol><li>Mango Group LLC- www.x-fortunes.com</li><li>FX6-https://fx6.xyz</li><li>Trade 4 Nation- www.trade4nation.com
and related page https://client.trade4nation.com</li><li>Velohld- www.velohld.com</li></ol><p>This brings the total number of websites blacked out since
July 2019 to 959. The blackout of these websites is carried out by Internet
service providers operating in Italy, and it may take several days for the
blackout to take effect due to technical reasons.</p><p>Consob emphasizes the importance of due diligence when
making investment decisions and advises investors to ensure that operators
offering financial services are authorized and that prospectuses have been
published for financial products. To assist investors, Consob provides a
"Watch for Scams!" section on its website www.consob.it.</p><p>Consob and Other European
Regulatory Bodies</p><p><a href="https://www.financemagnates.com/">Finance Magnates</a>
reported in March stating that <a href="https://www.financemagnates.com/forex/consob-blocked-855-illegal-trading-platforms-in-3-years-ads-5-more/">Consob
had blacklisted several platforms</a>, including ToroProfit, Plan B Ltd,
EuropeanFX™ Markets Limited, CatenaFarmCapital, and EaglestonesFinance, for
offering financial services without authorization. Some websites remained
active while the blocking orders were in progress. Consob has been vigilant in
blocking unauthorized financial intermediaries, with 855 sites blocked since
July 2019.</p><p><a href="https://www.financemagnates.com/tag/consob/">Consob</a>, as one of
Europe's most proactive financial regulatory authorities, has been relentless
in identifying and blocking suspicious, unlicensed, and fraudulent websites and
their operators. </p><p>In
2023 alone, the Italian regulator has reported taking action against such rogue
sites, marking its commitment to safeguarding investors. This is not a
standalone effort, as other regulatory bodies across Europe are engaged in
ensuring the safety of retail investors.</p><p>The
UK's <a href="https://www.financemagnates.com/tag/fca/">FCA</a>, for instance,
has been adding entities to its warning list regularly, addressing concerns
about the adequacy of controls, particularly among payment institutions and
electronic money institutions.</p><p>Cyprus'
<a href="https://www.financemagnates.com/tag/cysec/">CySEC</a> and Spain's <a href="https://www.financemagnates.com/tag/cnmv/">CNMV</a> are also notable for
their taken measures. CySEC oversaw the supervision of almost 840 financial
institutions in 2022 and imposed fines totaling €2.9 million on those found in
breach of licensing regulations. Meanwhile, CNMV recently issued warnings about
four suspicious platforms. </p>

This article was written by Tareq Sikder at www.financemagnates.com.