Italy’s CONSOB blocks access to five new unauthorized investment websites

Italy's Companies and Exchange Commission (CONSOB) has demonstrated its commitment to investor protection by ordering the blocking of access to five new unauthorized investment websites. This decisive action underscores CONSOB's vigilance in safeguarding Italian investors from potential financial harm.

The regulatory authority invoked the powers vested in it by the “Growth Decree” (law no. 58 of 28 June 2019, article 36, paragraph 2-tendencies) to issue these orders. Under this legislation, CONSOB possesses the authority to compel Internet service providers to restrict access from Italy to websites offering financial services without proper authorization.

The websites targeted in the latest set of orders include:

• StormInvest (website www.storminvest.org)

• Nextgentrading (website https://nextgentrading.io and related pages https://client.nextgentrading.io and https://webtrader.nextgentrading.io)

• Finexleaders (website www.finexleaders.eu)

• AI2Trade Ltd (website www.ai2trade.com and related pages https://trading.ai2trade.com and https://panel.ai2trade.com)

• Axia Group Ltd and “Axiacvs” (website www.axiacvs.co and related pages https://client.axiacvs.co and https://webtraderapp.net)

With these additions, the total number of websites blocked by CONSOB since July 2019 has reached 1,013, reflecting the scale of the challenge posed by unauthorized financial services operating online. Just last week, CONSOB ordered the blocking of access to four additional unauthorized investment websites, indicating an ongoing effort to combat illicit financial activities.

It's important to note that the process of implementing the blackout of these websites by Internet service providers is underway. However, due to technical reasons, it may take several days for the blocking to be fully implemented. This delay underscores the complex nature of enforcing such regulatory measures in the digital realm. Investors are urged to exercise caution when engaging with online investment platforms and to verify the authorization status of any financial service provider before conducting transactions. This collaborative effort between regulators, Internet service providers, and investors is essential in creating a safer and more secure financial environment for all.