Contents - CONSOB AND ITS ACTIVITIES
PRESS RELEASE
They "cloned" the faces and voices of well-known politicians to illegally offer services for crypto-assets and investments. Consob ordered the black out of three websites that used scam ads to promote the initiatives of entities not authorized to provide investment and crypto-asset services, leveraging the notoriety of leading figures in the Italian institutional world, such as Prime Minister Giorgia Meloni, Deputy Prime Minister Matteo Salvini, and Elly Schlein and Carlo Calenda, who were completely unconnected with the matter.
Specifically, following the measures already implemented, the Authority prohibited promotional activities on the websites https://it-more.culinaryjoy.sbs, https://ayquozeber.com, and https://cyberirfy.icu, which promoted online platforms through which crypto-asset or investment services were provided illegally.
The Commission also ordered the black out of a further 14 websites that were illegally offering the same services. Specifically, the blocked sites are as follows:
- "InvestiumGroups" (website https://investiumgroupsltd.com and pages https://client.investiumgroupsltd.com);
- "Protradealliance" (website https://protradealliance.com);
- "Aureo Flowdex" (website https://aureo-flowdex.com);
- "Servelius" (website https://servelius.com and page https://webtrader.glarings-armorier.com);
- "BrokerageAI" – "it-more.culinaryjoy.sbs" (website https://brokerageai.org, related pages https://client.brokerageai.org and https://webtrader.brokerageai.org, and promotional website https://it-more.culinaryjoy.sbs);
- "ZZCoin" (website https://zzcoingy.com);
- "Ofuyc" (websites www.ofuyc.com, www.ofuyc-32516it.com, www.ofuyc-55337it.com, www.ofuyc-23166it.com, www.ofuyc-33111it.com, and www.ofuyc-83255it.com);
- "Veltrixmax-invest.com" – "Ayquozeber.com" (website https://veltrixmax-invest.com and promotional website https://ayquozeber.com);
- "Orolonix-invest.com" – "Cyberirfy.icu" (website https://orolonix-invest.com and promotional website https://cyberirfy.icu).
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 1443.
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), relating to the black-out of the sites of abusive financial intermediaries, as well as the powers introduced by MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without the required authorizations.
The measures adopted by Consob can be consulted on the website www.consob.it .
Internet connectivity providers operating in Italy are currently working to block access to the websites. For technical reasons, it may take a few days for the block to take effect.
Consob draws investors' attention to the importance of exercising the utmost diligence in order to make fully informed investment choices, adopting common sense behaviours that are essential for safeguarding their savings: among these, for websites offering investment and crypto-asset services, prior verification that the operator through which you are investing is authorized and, for offers of financial products and crypto-assets, that the prospectus or white paper has been published.
To this end, Consob reminds investors that the homepage of the website www.consob.it features a section entitled "Watch for Scams!" which provides useful information to warn investors against abusive financial initiatives.
PRESS RELEASE
Consob has ordered the blackout of 13 new websites that offer financial services/financial products illegally or through which illegal services are provided. In particular, Consob ordered the black out of 5 illegal financial intermediation websites and 8 websites through which illegal services for crypto assets are provided.
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), relating to the black-out of the sites of abusive financial intermediaries, as well as the powers introduced by MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without the required authorizations.
Below are the websites Consob has ordered to be blacked out:
- “Stockwisse” (website https://stockwiseprofit.com and pages https://clientzone.stockwiseprofit.com and https://webtrader.stockwiseprofit.com);
- “Hyper Trades” (website https://hyper-trades.pro and related page https://trade.hyper-trades.pro);
- “Arti4Trades” (websites https://arti4trades.com and https://arti4trades.net and page https://client.arti4trades.com);
- “Lirunefx” (website https://lirunefx.com and page https://client.lirunefx.com);
- “NETWORK CAPITAL LTD” (website https://network-capital-partners.com and page https://web.networkcapital-partnersltd.com);
- “Lucrumiagroup.co” (website https://lucrumiagroup.co);
- “Dobibo” (website https://dbbddrb.com);
- “Jzmor” (websites www.jzmor.com, www.jzmor-it57659.com, www.jzmor-it33583.com, www.jzmor-it99518.com and www.jzmor-it52337.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 1426.
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.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products and crypto assets,
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.
PRESS RELEASE
Improving the attractiveness and competitiveness of the Italian financial market and aligning national regulations with those of other European Union countries. This is the main objective of Resolution No. 23683 of 1 October 2025, with which Consob facilitates and simplifies the listing of investment funds in Italy.
Specifically, with reference to Exchange Traded Funds (ETFs), the Authority has removed the requirement to draft and publish the listing document for European undertakings for collective investment in transferable securities (UCITS) and reserved open-ended alternative investment funds (AIFs) managed by European companies in Italy.
The measure also introduced some changes to the appendix to the regulatory framework governing the information to be included in the prospectus in the event of admission to trading of Italian open-ended funds (OICRs, collective investment undertakings).
Consob's decision takes into account the results of the market consultation, which ended on 12 July 2025, in which the majority of participants responded favourably to the simplification proposals presented.
The amendments will enter into force on the day following the date of publication of the resolution in the Official Gazette and will also apply to listing procedures in progress on that date.
PRESS RELEASE
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.
PRESS RELEASE
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.
PRESS RELEASE
Consob has ordered the blackout of 9 new websites that offer financial services/financial products illegally or through which illegal services are provided: 6 illegal financial intermediation websites, 1 website through which an offer of financial products is carried out in the absence of a prospectus and 2 websites through which illegal services for crypto assets are provided.
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), relating to the black-out of the sites of abusive financial intermediaries, as well as the powers introduced by MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the blocking of websites through which crypto-asset services are provided to Italian savers without the required authorizations.
Below are the websites Consob has ordered to be blacked out:
- "Spreadmarkets" (website https://spread-markets.com and related page https://client.spread-markets.com);
- "BitVex" (website https://bit-vex.com);
- "Financexlimited" (website https://finance-xlimited.com and related page https://client.finance-xlimited.com);
- "Finco Trades" (website https://finco-trades.org and related page https://web.webfin-trades.org);
- "Geneve Capital Invest" (website https://geneveinvesting.com and related page https://webtrader.geneveinvestingmarkets.com);
- "Afex Markets" (website https://afex-markets.com and related page https://web-traderx.com);
- "Spazio Finanziario" (website www.spaziofinanziario.pro and related page https://clients.spaziofinanziario.pro);
- "Ynln.com" (website www.ynln.com);
- Bit Vanetta Limited (website https://thebitvanettatrade.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 1048.
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.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products and crypto assets, whether 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 abusive initiatives.
PRESS RELEASE
The Financial Disputes Arbitrator (ACF), the body set up by Consob for the out-of-court settlement of disputes between intermediaries and savers, warns of the risk of possible scams perpetrated by unknown individuals through portals/websites that illegally replicate the ACF logo and content.
In this regard, please note that the ACF portal is only accessible via this link: https://www.acf.consob.it/.
Any portals or websites with addresses other than the one indicated above are not in any way related to the ACF or Consob. In recent days, several portals that improperly replicated that of the ACF have been detected and immediately blocked.
Please note that under no circumstances the ACF ask for credit card or bank account numbers, nor will it request payments of any kind.
We recommend that you exercise the utmost caution and report any unusual requests to the ACF by emailing info.acf@consob.it or calling 06.8477850.
PRESS RELEASE
Consob has ordered the black-out of 10 new websites offering illegal services for crypto-assets.
The Authority used the powers introduced by the MiCAR regulation (Regulation (EU) 2023/1114 and Legislative Decree no. 129 of 5 September 2024) regarding the blackout of the websites through which crypto-asset services are provided to Italian savers without the prescribed authorisations.
Below are the sites Consob has ordered to be blacked out:
- “YTT975” (website https://ytt975.it);
- “YQZ585” (website https://yqz585.it);
- “EWQ778” (website https://ewq778.it);
- “AWE818” (website https://awe818.it);
- “GRT325” (website https://grt325.it);
- “TUT551” (website https://tut551.it);
- “SFS854” (website https://sfs854.it);
- “12DEF” (website https://12def.it);
- “YTH937” (website https://yth937.it);
- “C7VIZ” (website https://c7viz.it).
The number of sites blacked out since July 2019, when Consob was given the power to order the black-out of websites of fraudulent financial intermediaries, has thus risen to 1399.
The measures adopted by Consob can be consulted on its website at 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 black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard one's savings: these include, for websites that offer financial services and crypto-assets, checking in advance that the operator with whom you are investing is authorised, and, for offers of financial products and crypto-assets, that a prospectus or white paper has been published.
Please note, there is a section on the homepage of the website at www.consob.it, entitled "Watch for Scams!", which provides useful information warning investors about fraudulent financial schemes.
PPRESS RELEASE
The document defines the framework for cooperation between the two institutions. The aim is to pursue more effective action in areas relating to their respective spheres of activity and mutual interest.
The Chairman of the National Commission for Companies and the Stock Exchange, Paolo Savona, and the Chairman of the Italian Competition Authority, Roberto Rustichelli, have signed a Memorandum of Understanding that defines the framework for cooperation between the two institutions. The agreement aims to pursue more effective action by the two authorities in areas relating to their respective spheres of activity and common interest through the coordination of their interventions.
In particular, Consob and Agcm will cooperate by exchanging reports where, in the context of proceedings falling within their respective competences, there are indications of violations of rules that are also relevant to the other Authority. In addition, they will periodically exchange information on general lines of action and activities carried out in the exercise of their respective powers. Consob and Antitrust may also collaborate by conducting joint fact-finding investigations and preparing joint reports to Parliament and the Government on matters of common interest. Finally, the two Authorities may consult each other in the context of investigations initiated under the relevant regulations.
To carry out and coordinate activities of common interest, a Technical Committee will be set up - composed of the heads of the offices responsible for the matters dealt with - which will meet whenever deemed appropriate. In addition to issues relating to the activities of the two institutions, the Technical Committee will also examine technical aspects relating to the implementation, amendment, and integration of the MoU.
Under the MoU, which has a duration of three years, CONSOB and AGCM also undertake to organize training activities and to collaborate in the development of shared solutions, including on issues related to artificial intelligence and crypto-assets.
PRESS RELEASE
Leveraging on the experience of the first few months of implementing the Mica Regulation, three major European market authorities, the Italian Commissione Nazionale per le Società e la Borsa (Consob), the French Autorité des Marchés Financiers (Amf), the Austrian Finanzmarktaufsichtsbehörde (Fma), are putting forward proposals aimed at ensuring a more effective supervision of crypto-asset markets, strengthening the competitiveness of European market participants and providing better investor protection.
In application since 30 December 2024, the European Mica Regulation represents a major step forward in the regulation of the crypto-assets market in Europe, placing it at the forefront of the supervision of this new asset class. It imposes a clear framework and requires market participants wishing to offer crypto-asset related services in Europe to obtain prior authorisation for this.
However, despite the coordination efforts of the European Securities and Markets Authority (Esma), the first few months of application of the Regulation have revealed major differences in how crypto-markets are being supervised by national authorities. These differences highlight the need to quickly strengthen the supervisory architecture to ensure the proper functioning of the European internal market. In the absence of such a revision, national authorities hosting market participants authorised by another authority could be forced to resort to the precautionary measures provided for by the Regulation in order to prevent any risk for national investors. In addition, certain provisions do not provide sufficient protection against the risks specific to the sector, such as for example the access by European intermediaries to platforms situated outside the European Union without the protection offered by Mica. These risks undermine investor protection and by this way also jeopardise the competitiveness of European market participants.
To ensure consistent and effective application of the Mica Regulation, Consob, Amf and Fma are calling for a number of targeted changes, not least with a view to further closely align with recommendations made in the field by the Financial Stability Board (Fsb) and the International Organization of Securities Commissions (Iosco) in July and November 2023.
Consob, Amf and Fma have put forward four proposals for improvements. These proposals, which are not exhaustive in terms of the issues raised by the application of the current Mica Regulation, for instance with regard to so-called “stablecoins”, include:
- direct supervision by Esma of the major crypto-asset service providers to ensure uniform application of the rules to the benefit of more effective oversight. This would be the only way to avoid opportunistic choices between countries for authorisation and may also lead to reduced supervision costs;
- strengthening of rules for platforms operating outside the European Union but targeting European investors: today, Consob Amf, Fma and note that some platforms established outside the European Union reach European clients through intermediaries that have a crypto-asset service provider status. The three authorities therefore propose that any intermediary that executes orders on crypto-assets should do so on a platform that complies with Mica or equivalent regulations;
- better supervision of platforms to tackle cyber risk: given the very high level of cyber risk today, Consob, Amf and Fma stress the importance for market participants to undergo an independent cyber security audit prior to the granting of a Mica authorisation, as well as its periodic renewal. This audit would encompass asset protection, resilience to cyber-attacks and incident management. This measure would ensure greater security for crypto-asset markets and boost investor confidence;
- clarification of the scrutiny process on white papers and the possible creation of a single access point for the filing and management of token offerings (excluding stablecoins): this proposal aims at adding legal certainty to the phase of analysis of white papers while promoting additional centralisation of filings in connection with the pan-European reach of most offerings.
Find out more:
About CONSOB
CONSOB (Commissione Nazionale per le Società e la Borsa) is the Italian financial markets regulator and supervisor. It is an independent authority, whose aim is to protect investors and ensure orderly financial markets and market infrastructures functioning through transparent information and fair behaviour of all participants. Please visit, for further details, our website, https://www.consob.it
About the AMF
The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected and that investors are provided with adequate information. The AMF also supervises the orderly operations of markets. Visit our website: https://www.amf-france.org/en
About the FMA
The FMA is Austria’s independent and autonomous integrated supervisory and resolution authority. As part of the European System of Financial Supervisors (ESFS), our expertise contributes to ensuring Austria’s financial market stability and integrity, promoting compliance, and investor, creditor, and consumer protection. Visit our website: www.fma.gv.at
Pursuant to Article 101, paragraph 1, of the Consolidated Law on Finance, Consob set up a specific system to collect any type of advertising material aimed at Italian investors concerning any offer (DePub). The DePub system is operational from 1 September 2025.
Supervised entities are required to complete the registration procedure in order to access the system according to the information reported on both the manual and the operational instructions available on the Consob web page from such date onwards.
Supervised entities are recommended to use the new system during the transitional period which ends on 31 December 2025. May supervised entities experience difficulties accessing the system and/or transmitting documents/files through the DePub system, and provided such technical issues cannot be solved with the help desk assistance, the advertising material can be filed to Consob using the follow PEC consob@pec.consob.it.
At the end of the transitional period (i.e. from 1 January 2026), advertising material shall be transmitted to Consob exclusively via the DePub system.
Eventual technical issues shall be reported to the help desk (phone +39 06-8477388, available from 9:30 a.m. to 5:30 p.m. on working days).
Artificial Intelligence vs. greenwashing: this is the project launched by Consob and the University of Trento, which have jointly developed a prototype for detecting misleading messages from green bond issuers. The goal is to develop new tools to be used in the future in financial market supervision activities to verify that the sustainability requirements claimed by corporate "green" bonds are actually met.
The project is described in the Consob Fintech Research Paper Greenwashing Alert System for EU Green Bonds: the Consob-University of Trento prototype, published today on the website www.consob.it, edited by Sandra Paterlini and Andrea Nicolodi (University of Trento) and Monica Gentile, Vincenzo Foglia Manzillo, Maria Raffaella Sancilio, and Paola Deriu (Consob).
The paper, which is in English, uses "green bonds" issued in European Union countries from 2013 to 2023 as its reference database. The prototype uses advanced technologies to disclose environmental claims within texts, analyze their tone (positive, neutral, or critical), and highlight any discrepancies between stated sustainability targets and actual performance.
The project is a major step forward in supporting supervisory activities to make document analysis faster and more effective, reducing the risk of errors or subjective interpretations. The study highlights considerable time savings: for example, compared to the approximately four hours required to analyze a sustainability report using traditional methods, the algorithm takes about ten minutes. While this prototype still needs further testing on a broader sample, it is a first step towards more transparent and responsible finance, where technology empowers sustainability.
Combating greenwashing aims to bolster investor confidence, market integrity, and support the transition to a sustainable economy. This is a key priority of Consob's Strategic Plan for 2025–2027. Within the EU, this view is fully shared by ESMA.
PRESS RELEASE
Shorter timeframe for Consob's green light for the publication of bond issue prospectuses. Starting from tomorrow, Saturday 19 July, the power to authorise both prospectuses and prospectus supplements will normally pass from the Commission, Consob's top decision-making body, to the head of the Issuers' Division.
The innovation is aimed at facilitating companies' access to the capital market by shortening the authorisation process for corporate bond issues and thus making it easier for companies to seize the most favourable moment for placing securities on the market.
The rationale behind this innovation is a consultation with the market as a result of which Consob introduced the new Article 8-bis of the Issuers' Regulations, which precisely attributes the power to approve prospectuses of non-equity securities to the Divisional Manager responsible for the subject matter, who may also delegate the Deputy Divisional Manager in general. In certain cases, the Commission will retain the authority to approve such prospectuses (resolution no. 23574 of 28 May 2025).
The initiative follows a series of regulatory actions already taken by Consob in pursuit of the objectives set by the Ministry of Economy and Finance's Green Paper of March 2022, with a particular focus on the approval process of prospectuses and the need to accelerate the related procedural timeframes, in order to make the Italian capital market more attractive.
The attribution of the power to approve prospectuses for non-equity securities to the Divisional Head, instead of the Commission, is thus in addition to the changes introduced in February 2024 regarding the reduction of assessment time and costs, as well as the use of the English language also for approval applications, and meets market participants' expectations of a reduction in the time between the closing of the investigation (so-called 'no-further comments') and the approval of the prospectus.
The certificate of approval provided for the so-called “passport” will also be adopted for the prospectuses relating to the aforementioned securities by the Divisional Manager.
The application forms for the approval of these prospectuses have been updated to take into account the change introduced at the approval stage.
The regulatory amendment comes into force tomorrow, July 19, 2025, thirty days after the publication of the aforementioned Consob Resolution no. 23574 in the Official Journal, and will apply to applications for prospectus approval submitted after that date.
Consob has ordered the black-out of 5 new websites through which financial services are abusively offered or services for crypto-activities are abusively provided. In details, Consob ordered the blackout of 2 abusive financial intermediation websites and 3 websites through which crypto currency services are abusively provided.
The Authority made use of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019) regarding the black-out of websites of abusive financial intermediaries, as well as of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers in the absence of the prescribed authorisations.
Below are the websites Consob has ordered to be blacked out:
- "Geneve Capital Invest" (website https://geneveinvestcap.com and page https://webtrader.gencapwebtrader.com);
- "Finbridge International" (website https://finbridgeinternational.com and page https://webtrader.finbridgeinternational.trade);
- "Atomic Wallet" (website https://atomicwallet.io);
- "Cexrqw.com" (website https://cexrqw.com);
- "Interersos.it" (website https://interersos.it);
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 1381.
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 black-out to come into effect.
Consob calls the attention of savers to the importance of using the utmost diligence in order to make investment choices in full awareness, adopting common sense behaviors, which are essential to safeguard one's savings: among them, the prior verification, for sites offering financial services and on crypto-assets, that the operator through which one invests is authorized and, for offers of financial products and crypto-assets, 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.
On 11 July 2025, ESMA published a Statement drawing the attention of crypto-asset service providers (CASPs) to the risks associated with the joint offering of services regulated under MiCAR and services not covered by the Regulation. In particular, the Statement highlights the obligation for providers to avoid any potential confusion among clients regarding the level of protection applicable. The document also provides practical guidance aimed at ensuring transparency and clear, accurate information for clients.
Consob has ordered the black-out of 7 new websites through which services for crypto-activities are abusively provided.
The Authority made use of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers without the prescribed authorizations.
Below are the websites Consob has ordered to be blacked out:
- "09pqws" (website https://09pqws.it);
- "DSS776" (website https://dss776.it);
- "ERY357" (website https://ery357.it);
- "TNT882" (website https://tnt882.it);
- "ZeroTrillionWorld" (website https://zerotrillionworld.it);
- "ZGV796" (website https://zgv796.it);
- "78DEF" (website https://78def.it).
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 1376.
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.
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, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus or the 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.
Consob ordered the blackout of 3 new websites abusively offering financial services.
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:
- "Indexswiss" (website www.indexswiss.com and related page https://client.indexswiss.com);
- "Fusion4Markets" (website https://fusion4marketsltd.com and related page https://client.fusion4marketsltd.com);
- "MGLuxembourg" (website https://mgluxembourg.cm and pages https://client.mgluxembourg.cm and https://webtrader.mgluxembourg.cm).
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 1369.
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.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus 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.
PRESS RELEASE
Consob has ordered the black-out of 6 new websites through which financial services are abusively offered or services for crypto-activities are abusively provided. In details, Consob ordered the blackout of 3 abusive financial intermediation websites and 3 websites through which crypto currency services are abusively provided.
The Authority made use of the powers deriving from the "Decreto crescita" ("Growth Decree", converted by Law No. 58 of 28 June 2019) regarding the black-out of websites of abusive financial intermediaries, as well as of the powers introduced by the MiCAR (Regulation (EU) 2023/1114 and Legislative Decree No. 129 of 5 September 2024) regarding the black out of websites through which crypto currency services are provided to Italian savers in the absence of the prescribed authorisations.
Below are the websites Consob has ordered to be blacked out:
- “The Toro Global” (website https://thetoroglobal.com and related page https://client.thetoroglobal.com);
- “Finbridge International” (website www.finbridgeinter.com and related page https://webtrader.finbridgeinter.tech);
- “INCORE-INVFX”- “IncoreInvestment” (website https://incore-invfx.com and related page https://client.incore-invfx.com);
- “Coingridr.top” (website https://coingridr.top);
- “Gigtaskr” (website https://gigtaskr.top);
- “Sxr922” (website https://sxr922.it).
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 1366.
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 black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus 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.
Consob has ordered the black-out of 7 new websites through which financial services and products are abusively provided: 6 abusive financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.
The Authority made use of the powers deriving from the "Growth Decree" ("Decreto crescita" - Law No. 58 of 28 June 2019, Article No. 36, paragraph 2-terdecies), regarding the blacking out of the websites of abusive financial intermediaries, as well as of the power introduced by Law No. 8 of 28 February 2020, Article No. 4, paragraph 3-bis, regarding the blacking out of the website by means of which the abusive offer is carried out.
Below are the websites Consob has ordered to be blacked out:
- "EXT24" (website https://ext247.co e relativa pagina https://my.ext247.co);
- "Rgroupltd" (website https://rgroupltd.cm and pages https://client.rgroupltd.cm and https://webtrader.rgroupltd.cm);
- "Trevorex" (website https://trevorrex.com and related page https://app.trevorrex.com);
- "AHP" (website www.ahpcmg.com);
- "QW Limited" (website www.quantumwins.com and related pages https://webtrader.quantumwins.com and https://mobtrader.quantumwins.com);
- "Tradepower" (website https://tradepower.pro and pages https://client.trade-power.pro and https://bestrader.io);
- "Magnomic Yield Ltd" (website https://magnomicyieldltd.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 1360.
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 black-out to come into effect.
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 on crypto assets, that the operator through whom one invests is licensed and, for financial product and crypto asset 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.
PRESS RELEASE
On 13 June 2025 a meeting of the Committee for Macroprudential Policies was held at the headquarters of Banca d’Italia in Rome.
It was attended by the Governor of Banca d’Italia Fabio Panetta, who chaired it, the President of the Companies and Stock Exchange Commission (Commissione nazionale per le società e la borsa, CONSOB) Paolo Savona, the President of the Pension Fund Supervisory Authority (Commissione di vigilanza sui fondi pensione, COVIP) Mario Pepe, the President of the Institute for the Supervision of Insurance (Istituto per la vigilanza sulle assicurazioni, IVASS) Luigi Federico Signorini and Mr Stefano Cappiello of the Ministry of Economy and Finance.
The Committee analysed conditions in the Italian financial system and assessed them as stable overall, despite a risk-laden global scenario. The domestic macroeconomic environment continues to benefit from a strong labour market, low inflation, and from the positive net international investment position; these factors recently led one international rating agency to upgrade Italy’s credit rating and another to revise upward its outlook for the country. The transmission to Italian markets of the turmoil triggered in April by the US announcement of higher tariffs has been limited so far, but uncertainty about policies across the globe remains high. The international spread of crypto-assets and their increasing interconnectedness with the financial sector and the real economy could become an additional source of risk. Italy’s high public debt could amplify any new tensions.
The Committee closely monitors the developments in the real economy as well as in financial and commodity markets brought about by global geopolitical tensions and particularly by the recent resurgence of armed conflicts in the Middle East.
The banking sector can rely on high levels of profitability and capitalization, although moderate signs of a deterioration in credit quality are beginning to emerge. Conditions in the insurance sector are favourable, supported by a strong capital position and improved liquidity. Risks in the asset management and pension fund sectors are limited.
Overall, the financial condition of households remains solid; debt is low by international standards and financial wealth increased in 2024. In the second half of last year, the growth in the purchase of certificates ̶complex instruments that in certain scenarios can result in substantial losses for investors ̶came to a halt. However, they remain a significant form of direct investment in debt securities by households. The Committee will continue to monitor developments in this market closely.
Firms’ profitability declined last year, but remains high; deleveraging continued, reaching its lowest level in 20 years.
The Committee welcomes initiatives to consider how to simplify financial regulation in Europe. It stresses that any revision of the regulatory framework must not result in a push toward deregulation or lead to a significant departure from the principles based on global standards. Simplification should therefore not weaken the current level of resilience of the financial system. It is important that any proposals in the future be based on close coordination among the authorities involved.
The Committee started work on defining an analytical framework for carrying out the tasks entrusted to it under the legislation on the assessment of risks arising from the application of fallback provisions in contracts and index-linked financial instruments[1].
The minutes of the meeting will be published at a later date.
[1] Legislative Decree 207/2023 designated the Committee as the ‘competent authority’ for assessing the adequacy of fallback provisions in index-linked contracts, with the aim of strengthening the national framework for managing the risk of benchmark termination or modification. The Committee is called upon to assess whether a fallback provision is inadequate based on two elements, which must exist in conjunction: (a) the provision provides a substitute for the benchmark that no longer reflects, or does so with significant differences, the market or economic reality that the original benchmark was intended to measure; (b) the application of the provision may pose a risk to financial stability.
Communications for investor protection
Latest update: 16 October 2025
Go to last issue of Consob Newsletter (no. 36 of 13 October 2025)