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Kbs Capital Markets Ltd (www.swisspremiumfx.com, page https://my.swisspremiumfx.com) - Terratech Ltd (www.bimfx24.co, www.eurtrade24.com) - Lollygag Partners Ltd (https://finocapital.io) - Widdershins Group Ltd (https://24fintime.io)
Consob has ordered the black-out of 5 new websites that offer financial services illegally.
The commission availed itself of the new powers resulting from the "Decreto Crescita" ("Growth Decree"; Law no. 58 of 28 June 2019, article 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 sites Consob has ordered to be blacked out:
- Kbs Capital Markets Ltd (website www.swisspremiumfx.com and its page https://my.swisspremiumfx.com);
- Terratech Ltd (websites www.bimfx24.co and www.eurtrade24.com);
- Lollygag Partners Ltd (website https://finocapital.io);
- Widdershins Group Ltd (website https://24fintime.io)
The number of sites 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 410.
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 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, checking in advance that the operator with whom you are investing is authorised, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind 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.
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Consob has ordered the same subjects to cease the violation of Article 18 of Legislative Decree no. 58 of 24 February 1998, pursuant to article 7-octies, letter b) of the same legislative decree:
- Kbs Capital Markets Ltd through the website www.swisspremiumfx.com and its page https://my.swisspremiumfx.com (resolution no. 21774 of 25 March 2021);
- Terratech Ltd through the websiteswww.bimfx24.co and www.eurtrade24.com (resolution no. 21775 of 25 March 2021);
- Lollygag Partners Ltd through the website https://finocapital.io (resolution no. 21777 of 25 March 2021);
- Widdershins Group Ltd through the website https://24fintime.io (resolution no. 21776 of 25 March 2021).
(Published in "Consob Informa" no. 12/2021 - 29 March 2021)