Resolution no. 22456

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 by the website https://cryptoneyx.io

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 and subsequent amendments and supplements;

HAVING REGARD TO Legislative Decree no. 58 of 24 February 1998 (“Consolidated Law on Finance”) and subsequent amendments and supplements;

HAVING ESTABLISHED that, from the checks carried out, it emerged that:

i. the https://cryptoneyx.io website – which is active, registered anonymously and also available in Italian - offers the opportunity to trade on the Forexmarket, trading shares, CFDsand digital currencies, after registering and opening one of the tradingaccounts advertised named “Bronze”, “Silver", “Gold”, “Platinum”, “Diamond”, “Premium” and “Vip”, depending on the minimum deposit required and the benefits promised;

ii. as far as the website's traceability is concerned, it should be noted that the legal documents "Terms and Conditions" and "Privacy Policy" found on it contain a generic reference to "Cryptoneyx" and the "Contact Us" section, contains a request for information form, the indication of an address "20 Primrose St. London EC2A 2EW, United Kingdom" and a telephone number with a non-Italian prefix;

WHEREAS the activity carried out through the https://cryptoneyx.io website is deemed to constitute the provision of investment services, pursuant to article 1, paragraph 5, of the Consolidated Law on Finance, given that users are offered the opportunity, through the aforesaid domain, to open a trading account where they can place orders to buy and/or sell financial instruments;

WHEREAS the aforementioned activity, carried out through the https://cryptoneyx.io website, is ongoing and is aimed at Italian investors, given that the website may be consulted in Italian, and there have also been reports of cold calls being made to retail investors in Italy and complaints have also been received from Italians;

WHEREAS “Cryptoneyx”, mentioned on this website, is not authorised to provide investment services to the Italian public, since it is not listed in the register maintained by Consob pursuant to article 20 of the Consolidated Law on Finance;

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 operations in question qualify as the professional provision of investment services to the Italian public, in infringement of article 18, paragraph 1 of the Consolidated Law on Finance;

HAVING REGARD TO the fact that, according to the provisions of article 7-octies, letter b) of the Consolidated Law on Finance - “Powers to counteract abuse” - Consob “may, with regard to anyone who offers or carries out investment services or activities through the Internet without being qualified 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 art. 18 of Legislative Decree no. 58/98 performed through the websitehttps://cryptoneyx.io, consisting in the provision of investment services and activities to the Italian public.

This Resolution shall be brought to the attention of the all 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.

21 September 2022

THE CHAIRMAN
Paolo Savona