More than 900 illegal financial services websites are already blocked in Italy

In an ongoing effort to combat unauthorized investment services, Italy's Companies and Exchange Commission (CONSOB) has recently issued orders to block access to a number of new websites. These websites have been found to offer financial services and products without the necessary permissions and approvals.

CONSOB has identified five websites engaging in illegal financial activities, comprising four unauthorized financial intermediation platforms and one website facilitating the offer of financial products without a prospectus. The targeted websites include “CapitalFXM” (www.capitalfxm.com and its related page, https://client.capitalfxm.com), “AW FX Bank” (https://awfxbank.com and its related page, https://my.awfxbank.com), “INDEX ACCOUNTING” (www.optimainvesting.com, https://fincapindex.com, and its related page, https://client.fincapindex.com), as well as “Finex Finance Global” (www.finexfinanceglobal.com).

CONSOB's actions are authorized under the “Decreto crescita” (Growth Decree), specifically Law No. 58 of June 28, 2019, Article No. 36, paragraph 2-tendencies. This grants the regulator the power to block websites operated by illicit financial intermediaries. Additionally, Law No. 8 of February 28, 2020, Article No. 4, paragraph 3-bis, empowers CONSOB to block websites that facilitate illegal financial offers.

With these recent orders, the total number of blocked websites has now reached 903 since July 2019, when CONSOB was granted the authority to take action against fraudulent financial intermediaries. The process of blacklisting these websites through Italian internet service providers is underway, although implementation may take several days due to technical considerations. CONSOB remains committed to preserving the integrity of the financial market and protecting investors from unauthorized and potentially harmful activities.