Consob's Crackdown: 955 Websites Blacked Out Since 2019

<p>The
Italian financial regulatory authority, Consob, has taken action to safeguard
investors by ordering the blackout of five websites that were offering
financial services illegally. </p><p>Consob Takes Action: Blackout
of 5 Illegal Financial Websites</p><p>The
websites that have been ordered to be blacked out are as follows:</p><ol><li>Axiancefx – https://axiancefx.co</li><li>Investment
Analysts
– https://investment-analysts.com </li><li>Switchtrades
Ltd – www.switchtrades.com</li><li>Top
Markets Ltd
– www.europetrade.me</li><li>BTC System Pty Ltd – https://btcsystem.net</li></ol><p>The
number of websites blacked out by Consob has continued to rise, with a total of
955 websites being blocked since the authority was delegated the responsibility to take such
action in July 2019. The regulatory measures are aimed at protecting Italian
investors from fraudulent financial intermediaries who operate without the
necessary authorization.</p><p>The
blackout of these websites by Internet service providers within Italy is
currently underway, though it may take several days for these measures to take
full effect due to technical reasons.</p><p>Consob
emphasizes the importance of investors exercising diligence and caution when
making investment decisions. They advise individuals to check in advance
whether the financial service provider they are dealing with is properly authorized.
It is crucial to ensure that a prospectus has been published for any <a href="https://www.financemagnates.com/tag/financial/">financial</a> products
being offered.</p><p>To
assist investors in making informed choices and protecting their savings, Consob
offers a "Watch for Scams!" section on their website at www.consob.it,
which provides information and warnings about financially abusive initiatives.</p><p>Cloning Scare: Consob
Blocks Websites Resembling Reputable Brands</p><p>In a previous report by <a href="https://www.financemagnates.com/">Finance Magnates</a>, it was noted that
Italy's financial market regulator, <a href="https://www.financemagnates.com/forex/consobs-crackdown-italy-blocks-access-to-5-illegal-websites/">Consob,
continued its crackdown on fraudulent financial service providers</a>, blocking
access to five suspicious websites offering services in Italy. The blocked
sites, including FP Invest, XTB Empire Ltd, PRIMUSLTD, and Simple Trading,
appeared to be clones of reputable brands in the retail trading industry. These
websites offered risky financial instruments such as margin forex, CFDs on
various assets, and cryptocurrencies. The regulator utilizes its authority to
inhibit access to unauthorized financial service websites at a domain level,
with "site blackout activities" currently underway</p>

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