The strict approach of the Italian Financial Market Authority can be understood as a role model for other jurisdictions and regulatory regimes. Scammers and cybercrime can only be tackled by the authorities with the greatest consistency. In many cases, the economic owners and managers of the scams are not known. They remain anonymous. In this case, blocking the website by the regulator is the most efficient way to prevent fraud and victims.
In June 2919, the Italian Companies and Exchange Commission (CONSOB) has provided the authority to block illegally and/or unauthorized operating financial services web platforms. According to the ‘Decreto Crescita’ (‘Growth Decree’, Law no. 58 of June 28, 2019, article 36, paragraph 2-terdecies), Consob can order Internet service providers (ISP) to block access from Italy to such websites.
A few days ago, CONSOB announced hat it ordered the blocking of access to 9 unauthorized online trading sites.
- Redal Ltd, Elit Property Vision Ltd and Richmondfx Ltd (https://richmondfx.com);
- Globalfx Ltd (https://globalfx.org);
- Rmt 500 Ltd (https://rmt500.com);
- Premium Solutions Ltd (https://thepremiumbrokers.com);
- Aj Asset Management (www.ajassetmanagement.com).
- CapitalTechFX (https://capitaltech24.com);
- Game Capital Ads Limited (https://360worldbtc.com e https://it.360worldbtc.com);
- Maximus Global Markets Ltd (https://evolutionbrokers.com);
- ActivBroker Ltd (https://activbroker.com).
The total number of websites that have been blocked by CONSOB since July 2019 has so risen to 94.
This approach of blocking illegal financial sites should also be adopted by other supervisory authorities in other jurisdictions. This would help to reduce the number of victims of online investment fraud and trading scams.