CONSOB Warn Against Five FX Websites, Some Holding Passporting Rights

It seems that CONSOB has made it its personal mission to rid Italy of all non-compliant forex brokers. In its latest crackdown, it blacklisted a number of FX firms, some of which are regulated in different, outside, jurisdictions. A total of 5 websites have been banned for illegally promoting trading assets to Italian users:

The watchdog claims that some of these are currently offering crypto assets.

Since CONSOB was granted the power to blacklist entities, it has done so to 300 firms.

This crackdown came at a post-CONSOB reform, allowing for more efficient identification of non-compliant firms.

CONSOB has also, since then, introduced a new legislation that allows the Italian overseer to cease the trading operations of investment firms operating in Italy that are not originally from there, but offer their service through the EU passporting route. That is how the regulator was able top legally prevent CySEC regulated entities from operating in Italy, in a recent turn of events.

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