Decreto Crescita Law Of Italy Shuts Down 8 Forex And Crypto Websites

• The Italian security regulators, Consob has ordered the shutdown of eight Forex and Crypto websites based on its Decreto Crescita law.
• The Decreto Law favors the Consob who can block the access of Investors into further investing in the websites.
• The Consob chose refined methods to order the shutdown after the identification of non-complaint companies.

The Italian security regulators, Consob has ordered the shutdown of eight Forex and Crypto websites based on its Decreto Crescita law. Consob has asked the Internet service providers of Italy to block these websites from further functioning. The websites were allegedly selling and trading products illegally with no license to the conduct.

The Decreto Law favors the Consob who can block the access of Investors into further investing in the websites. In the previous months, Consob was in the process of closing more than 150 websites that didn’t follow the required norms. The process involved in documenting the shutdown is seen to be complicated.

Six of the shutdown websites were dealing and promoting Forex and CFD’s (Contract for Difference) in illicit methods, while two of the other companies under shut down were dealing with crypto in a disorderly manner in the form of unregulated coins or its own derived CFD’s.

The Websites that are blocked are Trade Com Limited, Cryptobase, GoTechFX, Waltika Partners LTD, GAM Group LTD, MarketsFX, and Honest Capital LTD. The Consob chose refined methods to order the shutdown after the identification of non-complaint companies.

In December of the previous year, Consob went to cease operation of CySEC-licensed Forex and CFD brokers in the country. 240ption and Hoch Capital Ltd were banned from providing investment services and operations in the country.

Another company Cypriot was also recently barred from having any further relations with customers and investors on their websites. Consob took action according to the article 7-quarter, paragraph 4 of the Consolidated Law on Finance and included Article 86 of Mifid2.

The various website entities were requested to submit legal documents and also provide the necessary hearings to the Consob very soon. The websites providing services from other EU regiment were also told to cease their activity to the Italian investors.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.