Consob Orders Blocking of 10 Websites for Unauthorised Financial Activities
The Italian financial regulator, Consob, has taken action against 10 websites involved in unauthorised investment activities and public offerings of financial products without a prospectus. This measure is part of Consob’s ongoing efforts to combat online financial fraud and protect investors.
Three of the websites were offering investment services without proper authorisation, while seven were involved in promoting public offerings of financial products without the required prospectus. The Authority exercised powers under the “Growth Decree” (Law no. 58 of 28 June 2019, Article 36, paragraph 2-terdecies) and Law No. 8 of 28 February 2020 to block these abusive financial intermediaries.
Since July 2019, Consob has ordered the blocking of 1,537 websites in total. Blackouts are carried out by Internet service providers operating in Italy and can take several days to become fully effective. Investors are reminded to exercise due diligence: verify whether an operator is authorised to provide financial services, and check that financial or crypto-asset product offerings are accompanied by an official prospectus or white paper.
Additionally, Consob has suspended for 90 days public offerings in Italy related to mining or investment contract plans promoted by Aixa Miner Cloud Mining Investment Ltd, Fyenergy Cryptocurrency Investment Ltd, and investment packages offered by Hodlwealth, following violations of regulatory requirements.
The following websites have been ordered to cease:
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Operator |
Website / Pages |
Screenshot |
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Trade Point PTY |
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Alfa Mercati |
/ |
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Horizons28 |
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Aixa Miner Cloud Mining Investment Ltd |
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Fyenergy Cryptocurrency Investment Ltd |
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Hodlwealth |
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