CONSOB blocked seven illegal websites

Recently, The Italy's Regulator CONSOB ordered the shutdown of seven new websites that provide financial services without authorization. The authority said there are 6 illegal financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.

Below is the list of Illegal websites:

· “BTX” (https://btxplus.io website and related https://client.btxplus.io and https://webtrader.btxplus.io pages);

· “Tide Technologies Group” (https://tidetechnologiesgroup.ltd website);

· Fast-MNG EU Limited (website www.fast-mng.com);

· “Alfacapitalinvest” (website https://alfacapitalinvest.com and related page https://client.alfacapitalinvest.com);

· “Bitcoinup” and “UfinaCapital” (https://bitcoinup.io and https://ufinacapital.pro sites and page https://ufina.trade);

· Digital Trust CSP Fzco (www.doublefinance.io site).

Authority has made use of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article 36, paragraph 2-terdecies), relating to the blackout of the websites of abusive financial intermediaries, as well as the power introduced by Law no. 8 of 28 February 2020, Article 4, paragraph 3-bis, regarding the blackout of the site through which the abusive offer is carried out.

This brings to 977 the total number of websites blacked out by Consob since July 2019, when the Authority was given the power to order the blackout of the websites of abusive financial intermediaries.

About CONSOB

The Commissione Nazionale per le Società e la Borsa (CONSOB) is the public authority responsible for regulating the Italian financial markets. CONSOB is the competent authority for ensuring

· transparency and correct behaviour by financial market participants;

· disclosure of complete and accurate information to the investing public by listed companies;

· accuracy of the facts represented in the prospectuses related to offerings of transferable securities to the investing public;

· compliance with regulations by auditors entered in the Special Register.

It conducts investigations with respect to potential infringements of insider dealing and market manipulation law.

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