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The Italian securities regulator has shut down a total of eight FX websites for operating illegally in the country, Finance Magnates reported.
Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down six websites offering trading in forex and CFDs. The other two dealt in cryptocurrencies – either in the form of underlying coins or related derivatives such as CFDs (contracts for difference).
The crypto trading and foreign exchange sites that were clampdown by the CONSOB are as follows:
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Trade Com Limited (website https://fxonspot.com)
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Cryptobase (websites https://cryptobase.ltd and https://cryptobase.life)
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GotechFX (website https://gotechfx.com)
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Waltika Partners LTD (websites https://alliance-capital.io and https://alliance-capital.cc)
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GAM Group Ltd – MarketsFX (website https://www.marketsfx.it)
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Honest Capital Ltd (website www.profx247.com)
The regulator requested Italian Internet service providers (ISPs) to block access to these sites as they did not have appropriate licenses to carry on their activities. This was supported by the “Descreto Crescita” law that allows CONSOB to block the access of investors to online brokers.
In similar action over the past couple of months, the regulator has ordered almost 150 domains down. In December, it targeted Forex & CFD broker 24Option and investment firm Hoch Capital –which are CySEC-licensed Forex & CFD brokers – and forced them to shut down its operations in the country.
According to Cointelegraph, in order to protect the investors, Italian authorities established cryptocurrency regulation locally. A 2016 ministerial resolution brought into force a decision from the European Court of Justice which stipulates that no tax would be imposed on the exchange of crypto assets against fiat, but the profits and losses on these transactions should be taxed.
Meanwhile, Hong Kong-based blockchain remittance startup Bitspark announced that it would shut down on March 4. South Korean crypto wallet Bitberry is also terminating its services officially on Feb. 29.
