Italy: Offshore Brokers on the Hunt for Profit, CONSOB Warns

It seems that CONSOB has been quite busy the past couple of months, as offshore brokers continue to chase after the online trading businesses in Italy. Most of these scammers are completely unregulated firms with the sole intent of striping clients of their funds, with the country’s cryptocurrency sector taking the biggest hits. CONSOB has recently blacklisted a new array of offshore brands focusing on crypty based derivatives, including but not limited to ForTradersFX Ltd, Gembell Limited, Po Trade Ltd, FAH Investment LTD, Muller Enterprise Ltd, FSM Smart Ltd, and the list goes on.

The Italian watchdog has issued warnings against these firms against falsely claiming to either be licensed by CONSOB or offering products regulated by the agency. It stresses that these false advertisements are well though of means to an end.

The overseer has even put issued a ban on 24Option and Hoch Capital Ltd, two CySEC regulated brokerage firms, after both companies failed to meet criteria and violated some of the rules imposed on them by CySEC, claiming that CONSOBS’s primary job is to protect the Italian investors no matter the cost.

CONSOB is seen as one of the leading European regulators when leveraged trading is concerned, and in recent times its vigilance is only matched by its Italian investor’s safety priority. As of writing this, the watchdog has warned and has filed blacklists against a total of 124 offshore companies.