Italian regulator orders blocking of access to eight more unauthorized online trading websites

The number of websites blocked under the “Growth Decree” has thus risen to 247.

Italy’s Companies and Exchange Commission (CONSOB) today announces that it has ordered the blocking of access  to eight unauthorized investment websites, as the regulator continues to make use of the powers granted to it under the “Growth Decree”. The eight websites in question are offering financial services to Italian residents without having the necessary licenses to do so.

The websites whose “blackout” was ordered today are:

  • DevTech Holding (swissglobalpro.com);
  • Profx700 Limited (www.profx700.com);
  • “Euronovafxasset” (euronovafxasset.com);
  • Meg Trans Ltd and Roi Stock Limited (www.raxtrade.com)
  • “Trade Idea” and Netbit Services and Solutions Limited (www.tradeidea.co, https://elitetrading.co, secure.elitetrading.co and trading.elitetrading.co websites).

This way, the number of websites blocked under the so-called “Growth Decree” has risen to 247. As FinanceFeeds has reported, the previous set of blocking orders issued by the Italian regulator affected 16 websites. The list includes brokerages that claim to offer trading in FX, CFDs, and crypto-assets.

The “Growth Decree” came into effect last summer. It allows Consob to order Internet service providers to block access from Italy’s territory to websites that illegally target Italian investors. Before the piece of legislation got into effect, the regulator had counted on warnings mostly.

The activities for the blocking of the websites by ISPs are in progress. For technical reasons it can take a few days to implement the “blackout”.