Italy’s financial services regulator, CONSOB, revealed last week that it has cracked down on unauthorised financial activity by blocking access to four websites.
Italian Regulator Blocks Access to 4 Sites that “Offer Financial Services Illegally”
The websites allegedly offered financial services without proper authorisation, posing a risk to Italian investors.
CONSOB’s action leverages authority granted by the “Growth Decree” (Law no. 58 of 2019), which empowers them to restrict access to websites offering unauthorised financial services within Italy.
The targeted websites include FCapital24 (fcapital24.org), Multibank Group (multibankfx.com), Stocket (www.stocket.me), and TGFInvest (tgfinvest.com and my.fxmt.tech/platforms).
This latest move brings the total number of blacklisted websites to 1,134 since July 2019, highlighting CONSOB’s ongoing efforts to combat financial fraud and protect Italian investors.
In its press release, the regulator stressed the importance of investor due diligence, encouraging investors to exercise caution when making investment decisions.
This includes verifying the authorisation of any financial service provider and ensuring a prospectus exists for offered financial products.
While the blacklisting process is underway, it may take several days for internet service providers in Italy to fully implement the block. In July, CONSOB ordered the black-out of five new websites that it said offer financial services illegally.
