Resolution no. 23608 of 19 June 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 www.quantumwins.com website and its pages https://webtrader.quantumwins.com and https://mobtrader.quantumwins.com

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. through the www.quantumwins.com website – which is active and available in Italian through a machine translation system incorporated into the same site – users are offered the possibility of trading in shares and derivative financial contracts related to currencies, indices and commodities through the trading platform hosted on the pagehttps://webtrader.quantumwins.com, linked to the www.quantumwins.com website, and also accessible through the separate pagehttps://mobtrader.quantumwins.com, also linked to the www.quantumwins.com website;
2. in order to place such trades, users must register with the www.quantumwins.com website - also available to users connected to the web from Italy/via Italian IP addresses - open an account and deposit the relevant funds;
3. in particular, four types of account are offered on the www.quantumwins.com website, referred to as “Basic”, “Standard”, “Premium” and “VIP”, depending on the minimum deposit required and the benefits promised;
4. regarding traceability, at the bottom of the pages of the www.quantumwins.com website, there is a mention of “QW Limited” with an e-mail address (support@quantumwins.com) provided;

WHEREAS the activity carried out via the www.quantumwins.com website and its related pageshttps://webtrader.quantumwins.com and https://mobtrader.quantumwins.com constitutes 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 said domains of opening a trading account where they can place orders to buy and/or sell financial instruments;

WHEREAS the aforementioned activity, carried out via the www.quantumwins.com website and its https://webtrader.quantumwins.com and https://mobtrader.quantumwins.com pages, is ongoing and is aimed at Italian investors, given that the www.quantumwins.com website is available in Italian through a machine translation system incorporated into the same website; with reference to initiatives promoted through the www.quantumwins.com website, there have been reports of cold calling to solicit investment from Italian retail investors; a copy of conversations in Italian through an instant messaging application and via e-mail between Italian retail investors and “Quantumwins” operators has been obtained; complaints were received from Italian retail investors who claimed that they were unable to get their money back once invested to trade through the www.quantumwins.com website; on the said www.quantumwins.com website, there are no mechanisms aimed at limiting and/or preventing registration on the same domain by users connected to the web from Italy/through Italian IP addresses;

WHEREAS the transactions recorded on the www.quantumwins.com website and its https://webtrader.quantumwins.com and https://mobtrader.quantumwins.com pages 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 infringement of article 18 of Legislative Decree no. 58/98 carried out through the www.quantumwins.com website and relevant https://webtrader.quantumwins.com and https://mobtrader.quantumwins.com webpages, which constitutes the offering 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