Italy Shuts Down 8 FX and Crypto Trading Sites

Italy’s securities regulator has dropped the hammer on another group of crypto and FX trading sites.

According to Finance Magnates, the Commissione Nazionale per le Società e la Borsa, widely known as CONSOB, has blacklisted eight websites for allegedly providing illegal trading products and services.

The sites include Cryptobase and GotechFX.

Under the “Decreto Crescita” law, CONSOB is allowed to obstruct Italian investors’ access to online brokers, and has since asked Italy’s internet service providers (ISPs) to block access to all eight sites for “not obtaining the requisite licenses to provide their services in the country.”

The blacklistings come after CONSOB reportedly “refined” its process for finding non-compliant companies. It has been cracking down on violators since, going so far as to shut down two licensed FX and CFD brokers and barring “Cypriot intermediaries from soliciting customers or continuing its current relations with Italian clients.”

Photo: Mark Richards