Resolution no. 23610 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 via the https://trevorrex.cm website and its page https://app.trevorrex.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. the https://trevorrex.com website - which is active and anonymously registered - offers potential investors the opportunity to trade currencies, shares, options, futures and crypto-currencies;
2. in order to place such trades, users must register with the https://trevorrex.com website through a process that is also available to Italian users on the https://app.trevorrex.com page, and open an account;
3. within the reserved area of the https://trevorrex.com website, which is available at the aforementioned domain https://app.trevorrex.com, there are specific features, including the one dedicated to depositing money on the trading account;
4. the https://trevorrex.com website contains a generic reference to “Trevorex” and an email address support@trevorrex.com;

WHEREAS the activity carried out through the https://trevorrex.com website and the respective page https://app.trevorrex.com constitutes 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, which is carried out via the https://trevorrex.com website and its relative https://app.trevorrex.com page, is still ongoing and is aimed at Italian investors, given that in relation to the initiatives promoted through the aforementioned domains, there have been reports of investment solicitation to Italian investors and no mechanism was found to block registration by users attempting to register with the https://trevorrex.com website from Italy using Italian IP addresses;

WHEREAS the transactions recorded on the https://trevorrex.com website and on its https://app.trevorrex.com 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 professional 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, paragraph 1, 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. 58/1998 conducted via the https://trevorrex.com website and its https://app.trevorrex.com 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