CONSOB Issues Warnings against Five New Online Trading Brokerages
The La Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian financial watchdog, recently released a warning against four forex and binary options brands which are run by five companies. The firms are as follows: Spot2Trade Ltd., BT Systems Ltd., and CRLink ltd., operating via www.fxcmarkets.com, Keyds Lydya Ltd., and Keyds Scotland LP, which run www.pips-fx.com. The emphasis on the companies’ websites might mean that these will be blocked on Italian servers.
CONSOB declared that the five firms have not been authorized to operate or offer their services in Italy. The entities have been banned from performing any and all investment related activities, including running an online trading environment. The companies offer forex, CFD, and binary options trading services.
CONSOB is not Done with Blacklisting Brokerages
The Italian watchdog has been running a tight ship when it comes to authorizing online trading companies that are trying to reach local clients. At the end of February, CONSOB alerted the local trading community about GMoption, claimed to be yet another unlicensed binary options firm. The company is operated by owners LinkGM Limited and BT Systems Ltd.
Earlier this month, the Italian regulator further warned against brokerages Up4X and ACG as well. Though Italy has not declared a complete shutdown of online trading as France has, it is far from relaxing its strict attitude towards unregulated firms.