Italy's Consob Cracks Down on Seven Unauthorized Trading Platforms and Investment Scheme

Italy's securities regulator, Consob, has intensified its enforcement campaign against unauthorized online investment services, ordering the shutdown of multiple trading websites and banning an unapproved investment scheme targeting Italian investors.

In a series of decisions, Consob found that several websites had been offering investment services without the authorization required under Article 18 of Italy's Consolidated Law on Finance (TUF). The regulator determined that the platforms allowed users to open trading accounts and trade products including CFDs, forex, shares, commodities, indices and cryptocurrencies, despite lacking the necessary authorization to provide investment services in Italy.

Many of the websites were available in Italian, accepted registrations from Italian IP addresses, and allegedly targeted local investors through cold calls or other remote marketing methods. Consob also noted complaints from investors who reported being unable to withdraw deposited funds.

The enforcement actions cover the websites associated with Mir-Partner, Capital Trading Group, Gravmor, AlgosOne, Axi, and Trilessyum.

Separately, Consob permanently prohibited the public offering of five investment plans promoted through the Elite-Flows website. According to the regulator, the scheme promised fixed returns over periods ranging from one day to three months and claimed investors' funds would be managed by professional traders in financial and cryptocurrency markets.

Consob concluded that the investment plans constituted financial products offered to the Italian public without an approved prospectus, in breach of Italy's securities laws. The ban follows a temporary suspension imposed in April 2026 after the operators failed to respond to the regulator's requests for information.