Consob Cracks Down on Abusive FX Brokers and Crypto Platforms

In a recent regulatory move, Italys financial watchdog Consob (Commissione Nazionale per le Società e la Borsa) has once again demonstrated its firm stance against unauthorized financial services. The authority ordered the blackout of six additional websites, targeting platforms involved in fraudulent FX brokerage and crypto activities, bringing the total number of blocked sites since July 2019 to 1,366.

Why Consob Is Taking Action

Consobs latest directive falls under the powers granted by the “Decreto Crescita” (Growth Decree) and further reinforced by the MiCAR regulations. These measures empower Consob to order Italian Internet service providers (ISPs) to restrict access to websites offering unlicensed investment services—especially those promoting contracts for difference (CFDs) and high-risk crypto schemes.

Unlike traditional interventions, these blackouts do not require court proceedings. Instead, Consob can directly block web access, streamlining enforcement and protecting Italian retail investors in real time.

Want to know which brokers are fully regulated by Consob? Find compliant brokers here.

Websites Recently Blacked Out

Among the six websites recently blocked by Consob are:

• The Toro Global
• Finbridge International
• INCORE-INVFX (IncoreInvestment)
• Coingridr.top
• Gigtaskr.top
• Sxr922.it

These platforms have been accused of offering unauthorized financial intermediation services and promoting crypto trading tools and CFD products without holding the required licenses under Italian law.

The Broader Impact on FX Brokers and Crypto Services

Consobs intensified actions send a strong message to unregulated FX brokers and crypto platforms. The financial regulator prioritizes investor protection by preventing offshore entities from soliciting Italian clients without authorization. As a result, even legitimate platforms operating from abroad must now rethink their marketing strategy to remain compliant with local rules and cross-border regulations.

This regulatory tightening also places greater pressure on brokers operating in gray zones, especially those exploiting domain hopping or masking their real location and legal structure. Consobs approach sets a precedent that could influence how EU financial regulators coordinate digital enforcement.

How This Affects Traders and Investors

For Italian traders, this move reinforces the need to verify a brokers regulatory status before depositing funds. The presence of a website in multiple languages or flashy trading bonuses does not equate to legitimacy. Without Consob registration or EU authorization, platforms may expose users to:

• Irreversible financial losses
• Difficulty retrieving funds
• Legal disputes with no jurisdictional clarity

If youre considering investing with a foreign FX broker or crypto exchange, always check its regulatory status first.

Check your brokers compliance status with WikiFX.

Conclusion: A Safer Future for Online Trading in Italy

Consobs continued vigilance is a clear signal that Italy will not tolerate abusive financial practices. The blocking of unauthorized brokers and crypto platforms not only safeguards Italian investors but also encourages higher compliance standards across the global financial industry.

As the number of blacklisted websites rises, investors are urged to perform due diligence and prioritize licensed brokerswith transparent operations. The message is clear: if it‘s not authorized, it’s not worth the risk.