Italy’s CONSOB orders blocking of access to seven unauthorised investment websites

Italy’s CONSOB orders blocking of access to seven unauthorised investment websites

Italy’s Companies and Exchange Commission (CONSOB) has ordered the blocking of seven new websites that offer financial services without the necessary authorization.

The websites targeted by the orders are:

  • “BTX+” (website https://btxplus.io and related pages https://client.btxplus.io and https://webtrader.btxplus.io);
  • “Tide Technologies Group” (website https://tidetechnologiesgroup.ltd);
  • Fast-MNG EU Limited (website www.fast-mng.com);
  • “Alfacapitalinvest” (website https://alfacapitalinvest.com and related page https://client.alfacapitalinvest.com);
  • “Bitcoinup” e “UfinaCapital” (siti https://bitcoinup.io e https://ufinacapital.pro and page https://ufina.trade)
  • Digital Trust CSP Fzco (website www.doublefinance.io).

Of these seven websites, six are illegal financial intermediation websites and one is a website through which an offer of financial products is carried out in the absence of a prospectus.

In issuing the orders the Authority availed itself of the powers deriving from the “Decreto crescita” (“Growth Decree”; Law no. 58 of 28 June 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 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 977.

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 blocking to be implemented.