Resolution no. 22893

Order, pursuant to article 7-octies, paragraph 1, letter b) of Legislative Decree no. 58/1998 ("Consolidated Law on Finance") to cease the breach of article 18 of the Consolidated Law on Finance carried out via the website https://billionaire-trade.com and its related pages https://panel.billionaire-trade.com https://trading.billionaire-trade.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. potential investors are offered the opportunity via the https://billionaire-trade.com website – which is active, available in Italian and registered anonymously – to trade in derivatives such as Contracts for Difference (CFDs) on currencies, cryptocurrencies, metals, indices, shares, commodities and futures;
2. in order to place such trades, users are required to register and open an account where they can deposit funds; in particular, two types of account are mentioned, called "Professional Account" and "VIP Account" ("Conto Professionale" and "Conto Vip"), depending on the minimum deposit required and the benefits offered;
3. after registering, users can access the reserved area of the website available at the URL: https://panel.billionaire-trade.com where, among other things, they can deposit funds and access the trading platform available at the address: https://trading.billionaire-trade.com;
4. as to the traceability of the transaction in question, at the bottom of the website's pages, reference is made to Billionaire Trade Ltd, a company with its purported registered office in London.

WHEREAS the activity carried out via the https://billionaire-trade.com website and its https://panel.billionaire-trade.com and https://trading.billionaire-trade.com pages 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, via the aforementioned domains, to open a trading account and place orders to buy and/or sell financial instruments;

WHEREAS the above described activity, carried out via the https://billionaire-trade.com website and its https://panel.billionaire-trade.com and https://trading.billionaire-trade.com pages, is still ongoing and is aimed at Italian investors, given that the aforesaid domains are available in Italian and there have been reports of cold calls being made to retail investors in Italy regarding the initiatives offered via the https://billionaire-trade.com website. Furthermore, complaints have been received from Italian retail investors who complained about not being able to obtain a refund of the capital deposited to trade via the website https://billionaire-trade.com and it was ascertained that there are no mechanisms aimed at preventing registration by users who attempt to register with the website https://billionaire-trade.com from Italy through Italian IP addresses;

WHEREAS Billionaire Trade Ltd, mentioned on the https://billionaire-trade.com website, is not authorised to provide investment services to the Italian public, insofar as it does not appear to be listed in the register kept 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 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 website https://billionaire-trade.com and its pages https://panel.billionaire-trade.com and https://trading.billionaire-trade.com 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.

15 November 2023

THE CHAIRMAN
Paolo Savona