News of the week:
Crypto-assets: few safeguards and high risks - The three European financial supervisory authorities issue a warning to protect consumers - An information campaign is launched to promote informed investment choices
Abusive financial services: Consob blacks out 5 websites and requests the removal of 2 mobile applications used to provide illegal financial services
Financial Education Month is back - Until 17 October, it is possible to submit applications for financial, insurance, and social security education initiatives

Consob's decisions of the week

- NEWS OF THE WEEK -

Buying crypto-assets, such as cryptocurrencies or stablecoins, exposes savers to high risks in a sector where legal protections, when they exist, are very limited. 

This is the main message that the European financial supervisory authorities - ESMA for stock exchanges and financial markets, EBA for banks and EIOPA for insurance and pension funds - wanted to reiterate, addressing savers in all EU countries.

To raise public awareness of these issues, the three authorities have launched an information campaign consisting of a warning, an 'information sheet', a podcast and a video. The aim is to promote informed investment choices and thus counteract the risk of falling into the trap of financial scams and losing money.

The Authorities recognise that financial innovation, including crypto-assets, can help improve the competitiveness, efficiency and resilience of financial markets. However, in light of the growing interest of the general public in the world of crypto-assets, driven in part by aggressive campaigns on social media, the Authorities point out that the purchase of crypto-assets is not suitable for everyone and therefore urge caution.

In particular, the joint warning, which Consob is relaunching as a member of ESMA, points out that only some of the crypto-assets in circulation on the market fall within the scope of the new European regulations on crypto-assets (Micar), in force since December 2024. The information made available to investors for this type of product may be sparse and insufficient. Furthermore, in the event of losses, EU legislation provides more limited protection for those who purchase crypto-assets than for traditional investments.

When a saver comes across an offer of crypto-assets, they must first understand what type of crypto-asset is being offered to ensure that the offer falls within the scope of MiCAR. In particular, the warning invites savers to ask themselves three questions: 1) whether they are aware of the risks they are exposed to and whether it is appropriate to take them in light of their financial situation; 2) whether the operators they come into contact with are authorised to provide crypto-asset services in EU countries; 3) whether the electronic devices used for purchasing, storing or transferring are secure.

Finally, the three authorities emphasise that protection for savers in the event of losses is not as extensive as that provided for traditional financial products, for example, there are no compensation schemes.

back to index

Consob has ordered the black-out of 5 new websites providing financial services illegally.

The Authority availed itself of the powers deriving from the “Decreto crescita” ("Growth Decree"; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers to block access from Italy to websites offering financial services without the proper authorization.

Below are the websites Consob has ordered to be blacked out:

• VT Markets Limited (website www.vtmarketsit.com and related pages https://myaccount.vtmarketsit.com and https://social.vt-academy.net);
• “Aitrade24” (website https://aitrade24.com and related page https://webtrader.aitrade24.com);
• “Telarax” (website https://telarax.io e page https://webtrader.resembox-grey.com);
• “TheToroGlobal” (website https://thetoro-global.com and related page https://client.thetoro-global.com);
• “Eurotradecfd” (website https://eurotradecfd.com and related page https://client.eurotradecfd.com).

The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 1413.

The measures adopted by Consob can be consulted on the website www.consob.it.

The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the blackout to come into effect.

Furthermore, Consob asked Google and Apple to remove, with regard to the Italian market, from their respective distribution platforms the mobile applications linked to “Eurotradecfd,” called “Solve Smart” (for Android operating systems) and “4X News” (for iOS operating systems), through which financial services are offered illegally.

Consob draws investors' attention to the importance of adopting the greatest diligence to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include prior verification, for websites offering financial services and crypto-assets, that the operator through which the investment is made is authorized and, for financial and crypto-asset product offerings, that the prospectus or white paper has been published.

To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially unauthorized initiatives.

back to index

Applications for participation in Financial Education Month 2025 open on 1 September. Proposals must be submitted to the Committee for the Planning and Coordination of Financial Education Activities (Edufin Committee) by 17 October.

To propose an initiative aimed at promoting the development and learning of financial, insurance, and pension knowledge and skills, please complete the online form on the Committee's website (https://www.comitatoeducazionefinanziaria.gov.it/home/index.html).

Associations, institutions, businesses, universities and research centers, schools, foundations, public administrations, and any organization wishing to engage in financial education with quality events that meet the participation criteria established by the Edufin Committee Guidelines may submit applications.

Once approved by the Committee, the event will be published in the "Financial Education Month 2025" calendar on the Committee's website.

The eighth edition of the initiative will take place from November 1st to 30th, 2025, with events throughout Italy to raise awareness on crucial issues such as savings, investments, pension planning, and insurance. The Committee comprises the Ministry of Economy and Finance, the Ministry of Education, the Ministry of Economic Development, the Ministry of Labour, the Bank of Italy, Consob, Covip, Ivass, Ocf, and the National Council of Consumers and Users.

The initiative’s slogan is “Financial education: today for your tomorrow”, an invitation to invest time in personal finance education to make more informed decisions and be better prepared for the unexpected.

The programme includes seminars, webinars, educational workshops, games – both in person and online – and three key events: Financial Legality Day, promoted by the Edufin Committee and the Guardia di Finanza, under the patronage of the Ministry of Economy and Finance, specifically for schoolchildren, to be held on 5 November; Social Security Education Week, from 17 to 23 November; and Insurance Education Day, on 12 November.

This year's event will also maintain its connection with World Investor Week, promoted by Iosco (7–13 October). Initiatives meeting all the requirements will receive double recognition and will be included in both the World Investor Week and Financial Education Month calendars.

back to index

• Authorisation granted for the marketing in Italy of shares in Kairos Ventures Two, a closed-end Italian alternative investment fund managed by Kairos Partners Sgr Spa.
• Authorisation granted for the marketing in Italy of shares in Leonardo, a closed-end Italian alternative investment fund managed by Nextalia SGR Spa.

Order, pursuant to Article 7-octies, letter b), of Legislative Decree No. 58 of 24 February 1998 (Consolidated Law on Finance – TUF), to put an end to the violation of Article 18 of the same TUF, committed by:

• VT Markets Limited >through the website www.vtmarketsit.com and related pages https://myaccount.vtmarketsit.com and https://social.vt-academy.net (resolution no. 23688 of 1 October 2025);
• 'Aitrade24' through the website https://aitrade24.com and related page https://webtrader.aitrade24.com (resolution no. 23685 of 1 October 2025);
• “Telarax” via the website https://telarax.io and the page https://webtrader.resembox-grey.com (resolution no. 23686 of 1 October 2025);
• “TheToroGlobal” via the website https://thetoro-global.com and the related page https://client.thetoro-global.com (resolution no. 23687 of 1 October 2025);
• “Eurotradecfd” via the website https://eurotradecfd.com and the related page https://client.eurotradecfd.com (resolution no. 23684 of 1 October 2025).

back to index