Consob Issues New Blackout Orders Against Eight Unauthorized Investment and Crypto Platforms

Consob has issued new blackout orders against eight online platforms found to be offering financial services, investment products or crypto-asset activities without authorization. The action targets a mix of illegal financial intermediaries, platforms offering products without a prospectus and operators providing crypto-asset services to Italian users without the required approvals.

The websites and related pages ordered to be blocked are:

• "Forex Elite Academy Limited - Trade and Merchant Trust Limited" (website https://eliteforex.co and related page https://my.eliteforex.co);

• "Nexus500" (website www.nexus500.net);

• "Aventus Consultancy Ltd" (website https://avenconsultancy.com);

• "Venture Capital Funds Limited" (website www.venture-funds.ltd);

• "Niufo" (website www.niufo.co);

• "AlphaCapital" (websites https://alpha-capital.finance and related page https://cfd.alpha-capital.finance);

• "Cryptoin24" (websites https://cryptoin24.io, https://cryptoin24.com and related pages https://clients.cryptoin24.com and https://trading.cryptoin24.com).

Consob relied on the powers granted by the Growth Decree (Law No. 58 of 28 June 2019) to block abusive financial intermediary websites and the enforcement authorities introduced under MiCAR (Regulation EU 2023/1114 and Legislative Decree No. 129 of 5 September 2024) for platforms offering unauthorized crypto-asset services. With these additions, the number of websites ordered to be blacked out since 2019 has reached 1490.

Internet service providers operating in Italy have begun implementing the blocks, but full technical activation may require several days. Consob continues to emphasize the importance of caution when selecting investment platforms. Investors should verify that a provider is authorized and check whether the required prospectus or white paper exists before engaging with financial products or crypto-assets. The Watch for Scams section on the Consob website provides regularly updated warnings and information on abusive operators.

Consob has also imposed a 90-day suspension on the public offer of the plans Novice, Amatoriale, Promo, Premium and Ultimo promoted by Venture Capital Funds Limited through venture-funds.ltd for violating Article 94-bis. Separate cease-and-desist orders were issued against Forex Elite Academy, Nexus500 and Aventus Consultancy for unauthorized investment services, and against Niufo, AlphaCapital and Cryptoin24 for violations under MiCAR.

If you suspect a website is fraudulent or have fallen victim to a financial scam, you can Submit a Complaint to BrokersView.