Resolution no. 23546 of 7 May 2025

Order, pursuant to article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 (“Consolidated Law on Finance”) to cease the infringement of Article 18 of the Consolidated Law on Finance carried out through the websiteshttps://paragonix-trader-ai.com and https://telarax.com and the page https://webtrader.orestpa.tech

LA COMMISSIONE NAZIONALE PER LE SOCIETÀ E LA BORSA
[THE NATIONAL COMMISSION FOR COMPANIES AND THE STOCK EXCHANGE]

HAVING REGARD to Law no. 216 of 7 June 1974, as subsequently amended and supplemented;

HAVING REGARD to Legislative Decree no. 58 of 24 February 1998 (“Consolidated Law on Finance”), as subsequently amended and supplemented;

HAVING ESTABLISHED that, from checks on the web, it emerged that:

1. potential investors are offered to trade in derivatives such as Contracts for Difference (CFDs) on shares, currencies, commodities and cryptocurrencies through the website https://paragonix-trader-ai.com - which is active, available in Italian and registered anonymously - by registering using the "form" called "create an account" to be filled in with their personal data;
2. through the website https://telarax.com - which is active, available in Italian and registered anonymously - potential investors are offered the opportunity to trade in derivatives such as Contracts for Differences (CFDs) on assets such as currencies, shares, indices and digital currencies as underlying assets, after registering and opening an account: in particular, the  website indicates five types of account called “Bronzo (Bronze)”, “Argento (Silver) ”, “Oro (Gold)”, “Platino (Platinum)” and “Islamico (Islamic)”, which differ with regard to the minimum deposit amount and benefits;
3. in order to carry out such trades on both sites - https://paragonix-trader-ai.com and https://telarax.com, registration is required, which in both cases gives the user access to the same reserved area accessible at the URL https://webtrader.orestpa.tech, where it is possible, among other things, to deposit funds and access the trading platform;
4. the website https://paragonix-trader-ai.com contains generic references to “Paragonix Trader AI”, whereas the website https://telarax.com contains generic references to “Telarax”. The website https://telarax.com contains the email address support@telarax-mail.com.

WHEREAS the activity carried out via the websites https://paragonix-trader-ai.com and https://telarax.com and the page https://webtrader.orestpa.tech is to be considered as the provision of investment services, as referred to in Article 1, paragraph 5 of the Consolidated Law on Finance, as users are offered the opportunity, through the aforementioned domains, to open a trading account and place orders to buy and/or sell financial instruments;

WHEREAS the aforementioned activity, carried out through the websites https://paragonix-trader-ai.com and https://telarax.com and the page https://webtrader.orestpa.tech, is still ongoing and is aimed at Italian investors, insofar as said domains can be consulted in Italian and no mechanism was found to block registration by users attempting to register with the websites from Italy through Italian IP addresses. Furthermore, the activity of the website https://paragonix-trader-ai.com has been the subject of an advertising campaign, available in Italian and conducted via the domain https://giorgetti-invest.com, also through the use of improper references to Italian public figures;

WHEREAS the https://paragonix-trader-ai.com and https://telarax.com websites and the related webpage https://webtrader.orestpa.tech cannot be attributed to any entity authorised to provide investment services to the Italian public;

HAVING REGARD to the fact that the provision of investment services and activities is reserved to licensed parties as referred to under Article 18, paragraph 1 of the Consolidated Law on Finance, pursuant to which “The commercial provision of investment services and activities to the public is reserved to Italian investment firms, EU investment firms, Italian banks, EU banks and non-EU firms”;

HAVING ESTABLISHED, therefore, that the activities in question qualify as the professional provision of investment services to the Italian public, in breach of Article 18, paragraph 1 of the Consolidated Law on Finance;

HAVING REGARD to the provisions of Article 7-octies, letter b) of the Consolidated Law on Finance - “Powers to counteract unauthorised provision of investment services” - pursuant to which Consob “may, with regard to anyone who offers or carries out investment services or activities over the Internet without being qualified to do so pursuant to this decree: […] b) order that the infringement cease”;

CONSIDERING it therefore necessary, in the light of the foregoing, to adopt this Resolution immediately for reasons of urgency;

RESOLVES:

To order the cessation of any further infringement of Article 18 of Legislative Decree no. 58/98 through the websites https://paragonix-trader-ai.com and https://telarax.com and the page https://webtrader.orestpa.tech, constituted by the offering and the provision of investment services and activities to the Italian public.

This Resolution shall be brought to the attention of the concerned parties and published in the Consob Bulletin.

This measure may be appealed before the Regional Administrative Court of Lazio within 60 days of the date of service.

THE CHAIRMAN
Paolo Savona