Consob, Italy’s Watchdog, Bans Additional Forex and Cryptocurrency Trading Websites

Italy’s market watchdog, Consob, has added more websites to its list of banned trading platforms, continuing its efforts to safeguard Italian investors. The recent clampdown targets unauthorized entities operating in Italy, specifically those providing trading opportunities in forex and CFDs. Newly identified domains like Luno Invest, Vantage Global Limited, and Capital4it Ltd have been highlighted in the latest round of enforcement.

Consob has been vigilant in its campaign against illicit online trading platforms. Empowered by the “Decreto Crescita” legislation, the regulator can compel Italian Internet Service Providers (ISPs) to restrict access to these illicit sites, and it has used this authority to block several domains to help protect local investors from potential scams and non-compliant financial practices.

Such initiatives have reignited concerns about the risks associated with investments in cryptocurrencies and contracts for differences (CFDs). The crackdown is part of a larger set of regulatory actions that ensure adherence to local financial regulations, reflecting the heightened scrutiny within Italy’s financial sector.

In a noteworthy development this March, the Italian Competition Authority imposed a €1.3 million penalty on the online brokerage company eToro for misleading advertising practices. This fine underscores Italy’s resolve in enhancing transparency and integrity in trading practices.

Related: Surge in Cryptocurrency Adoption in Italy During Financial Uncertainty