Italy's regulator, CONSOB blacklisted illegal websites

Italy's regulator, CONSOB, cautioned the public against six illegal websites which are providing financial services without proper authorization. aHere is the list of illegal websites:

Nexus LLC (website https://powercapital.live and related pages https://my.powercapital.live and https://my.tradings.life);

“Free Trade CFD” (website https://freetrade-cfd.com and related page https://client.freetrade-cfd.com);

“Smart Flow Ltd” (website https://smartflow.work and related pages https://office.smartflow.work and https://trade.smartflow.work);

“Avan Trade” (website https://ai-trade.consulting and related page https://cfd.ai-trade.consulting; website https://ai-trade.holdings and related page https://cfd.ai-trade.holdings);

“Bullbit” (website https://bullbit.net and related page https://trade.bullbit.net).

The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 965.

The Authority availed itself of the powers deriving from the “Decreto crescita” (“Growth Decree”; Law no. 58 of June 28, 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.

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.

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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