Resolution no. 23554 of 15 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 via the https://fibonachis.com website and its https://webtrader.alynto.tech page

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 the opportunity via thehttps://fibonachis.com website – which is active and available in Italian through an automatic translation system incorporated into the website – to trade CFDs on cryptocurrencies, indices, bonds, currencies and shares;
2. in order to place such trades, users must register with the https://fibonachis.com website – through a process that is available on the https://webtrader.alynto.tech page, linked to the https://fibonachis.com website – open an account and deposit the relevant funds;
3. in particular, four types of account are listed on the https://fibonachis.com website, referred to as “Bronzo (Bronze)”, “Argento (Silver)”, “Oro (Gold)” and “Platino (Platinum)”, depending on the minimum deposit required and the benefits promised;
4. as to traceability, the https://fibonachis.com website contains generic references to the “Fibonachis” brand, as well as an email address (support@fibonachis-mail.com);

WHEREAS the activity carried out through the website https://fibonachis.com and the respective page https://webtrader.alynto.tech is deemed to constitute the provision of investment services, as referred to in Article 1, paragraph 5 of the Consolidated Law on Finance, insofar 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 via the https://fibonachis.com website and its https://webtrader.alynto.tech page, is ongoing and is aimed at Italian investors, given that the https://fibonachis.com website is available in Italian through a machine translation system incorporated into the same website; with reference to initiatives promoted through the same website, there have been reports of investment solicitation by cold calls being made to Italian investors; a copy of correspondence exchanged in Italian was acquired on file via email between Italian investors and “Fibonachis” operators; complaints were received from Italian investors who claimed that they were unable to get their money back once invested to trade through the https://fibonachis.com website;

WHEREAS the transactions recorded on the https://fibonachis.com website and on its https://webtrader.alynto.tech page are not 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 the breach of article 18 of Legislative Decree no. 58/98 conducted via the https://fibonachis.com website and its https://webtrader.alynto.tech page, constituted by the offer and 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