Five Illegal FX/CFD Brokers Have Been Blacklisted By CONSOB

The Italian regulatory entity in charge of overseeing and regulating the Italian securities market is CONSOB (Italian National Commission for Companies and the Stock Exchange). It has the authority to impose rules and regulations in order to promote market transparency, investor protection, and the financial system's integrity. Its responsibilities include monitoring the actions of issuers, intermediaries, and other market players, monitoring compliance with disclosure requirements, and investigating alleged securities law breaches. Furthermore, CONSOB disseminates information to the public and conducts educational programs to increase public understanding of how financial markets work.

Recently,

Consob has ordered the blackout of five additional websites that provide unlawful financial services released on February 2, 2023.

The Authority used the authority granted by the “Decreto crescita” (“Growth Decree”; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-tendencies), which allows Consob to order internet service providers to block access from Italy to websites offering financial services that do not have the necessary authorization.

Below are the websites Consob has ordered to be blacked out:

• - Bright Group LLC (website https://allfinagroup.pro and related page https://fingroup.click);

• - “BrokerCreditServiceLtd.net” (website www.brokercreditserviceltd.net and related page https://account.brokercreditserviceltd.net);

• - Unico Aust Pty Ltd (website www.unicofx.co and related page https://account.unicofx.co);

• - CMS Ltd (website https://cmstrategy.io and related pages https://client.cmstrategy.io and https://webtrader.cmstrategy.io);

• - Olympusbrokers Ltd (website www.olympusbrokers.io).

Since July 2019, when Consob gained the authority to require that the websites of fraudulent financial intermediaries be blacked out, the total number of websites blacked down has climbed to 825.

Consob's adopted measures are available on the website www.consob.it.

The Internet service providers operating on the Italian territory are still blocking access to these websites. The blackout may take many days to take effect due to technical reasons.

Consob emphasizes the importance of exercising the utmost caution in order to make informed investment decisions, as well as engaging in common sense behaviors necessary to protect their savings, such as ensuring that the operator with whom they are investing is authorized and that a prospectus has been published for offers of financial products.

Final thoughts,

Finally, CONSOB assists the public in avoiding illegal forex brokers by providing cautions and alerts on its website regarding unlicensed and fraudulent brokers operating in Italy. It also offers educational materials and information on how to identify and avoid such brokers, such as how to study and check a broker's validity before investing. Furthermore, CONSOB investigates and prosecutes unlicensed brokers operating in Italy, which acts as a deterrence to others who may attempt to participate in similar crimes. To keep informed, the public can visit CONSOB's website and follow its official statements on a regular basis.

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