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Italy’s Regulator CONSOB Shuts down Foreign Exchange and Crypto Trading Sites

Italy’s Securities regulator, CONSOB had closed down two crypto investing and derivative trading websites and six foreign exchange websites. As per the recent report, CONSOB had charged these websites for violating the Consolidated Law of Finance (TUF) and Mifid2 for offering unauthorized trading services and products.

Further, CONSOB opined regarding FX websites saying that they are promoting the trading products unlawfully in the country. Moreover, it had already contacted Italy’s internet service provider (ISPs) by asking them to block all the access to the websites, which have not obtained the necessary licenses to offer their services to the nation.

A total of eight websites had been targeted through the Decreto Crescita law charges that had permitted the CONSOB to prevent Italian investors to access the online brokers.

For the past few months, the regulators have been taking similar action, by ordering to withdraw the access for almost 150 domains, even though there is a huge amount of documentation needed to block these complicated sites.

CONSOB blacklisted six sites that offered its clients forex and CFDs trading. Furthermore, CONSOB warning also includes two businesses that deal with crypto assets in the form of coins or derivatives like CFDs.

Succinctly, this restriction comes only after CONSOB had identified non-compliant organizations. Last December, the regulator targeted and ordered two CySEC licensed CFD and forex brokers to cease operations immediately.

In Italy, Hoch Capital and 24Option were banned from offering investment services to its clients. Moreover, this decision blocks the Cypriot intermediaries from approaching and to continue its business relations with their Italian customers.

To protect its investors, the Italian authorities, domestically have established cryptocurrency regulation. It states that any transaction involving the exchange of crypto assets over fiat will not be taxable; yet, profit and loss on the transactions will be taxed.

Vivaan Shah: Vivaan Shah is a professional Forex and Cryptocurrency Market Analyst with a background in Finance. He has worked in several foremost publications before getting into NameCoinNews. He has been involved in the cryptocurrency for years. He loves to spend his free time in recording podcasts for crypto beginners. He also enjoys to explore cryptocurrency products.