Illegal online trading, off to the Consob-Guardia di Finanza task force

The collaboration that has already led the authority to obscure 28 sites on which financial instruments mostly related to cryptocurrencies are illegally exchanged 23 Dec 2021 Patrizia Licata Journalist

The joint task force of Consob with the Guardia di Finanza kicks off against illegal trading in online trading. The initiative was created to consolidate a collaboration that has already led the stock exchange regulator to order the blackout of 28 websites that illegally offer financial services (mostly related to cryptocurrencies) after the report received by the GdF. Consob has therefore decided to continue and intensify the collaboration with a joint working group dedicated to the fight against abusive trading. Index of topics • The investigation into abusive trading: the 28 sites blocked • The delicate regulation of cryptocurrencies The investigation into abusive trading: the 28 sites blocked As part of a wide-ranging investigation, the GdF identified numerous web domains through which trading services on financial instruments related, in most cases, to cryptocurrencies were illegally offered.

Read the privacy policy

The following are the 28 pages / websites for which Consob has ordered the blackout: Gate Technology Corp; EliteCrypto Trade; Maxbit; PrimeXbt Trading Services; Po Trade; AMarkets; Finmax; SimpleFx; Vantage Global;; Bitcoin Era and Absystem; Bitcoin Era, CryptoRobot, Sagatrade; Bitcoin-evolutionpro, Twingle Consulting; Bitcoin Up and Fxplanb; Binarium. The total number of web domains obscured by Consob thus rises to 593 starting from July 2019, since the authority was given the power to order the obscuring of the web domains of abusive financial intermediaries.

The delicate regulation of cryptocurrencies

The president of Consob, Paolo Savona, said in a recent speech that cryptocurrencies, integrated in all kinds of financial contracts, “are like the phoenix: they exist, but we don't know what they look like. Building an economy with cryptocurrencies requires a better understanding of this complex financial world ". It is necessary to "accept that a new economic theory integrated with cryptocurrencies is needed". According to Savona, "it is not the virtual products that must be regulated first, but rather their decentralized blockchain localization, which is not impenetrable for all cryptocurrencies". Furthermore, one of the problems to be solved is the identification of the "agents" that will have to be regulated, given that some platforms claim that they are not real intermediaries but facilitators of transactions through new technologies. "Current legislation, especially in Italy, leaves room for these different interpretations, and it would be better to regulate these distinctions", said Savona, to put an end to a "Far West of finance and prevent it from spreading to Europe".