The CONSOB has specifically blocked access to the websites of Luno Invest, Vantage Global Limited, Capital4it Ltd, Crypto Trade Club Ltd, and Amlight-italiainvestment platforms. These platforms were reportedly promoting the trading of foreign currencies, digital assets, and cryptocurrency derivatives in Italy without proper authorization. The regulator has advised the public against investing money in these projects.
The CONSOB expressed concerns about the risks associated with the unregulated nature of cryptocurrencies. To enforce compliance with the regulations imposed on financial companies, the Commission has directed local Internet providers to block Italian citizens’ access to these sites. However, due to technical constraints, the implementation of this measure may experience a delay of a few days.
The CONSOB clarified that its actions aim to safeguard investors and prevent fraudulent activities under the Decreto Crescita law, which grants the Commission the authority to restrict Italian investors’ access to online brokers. Similar measures have been taken by local regulators in the past, leading to the blocking of approximately 1,065 domains.
In recent years, Nexo, a cryptocurrency lender, received approval from Italian regulators to operate as a virtual currency operator in late 2022. Additionally, in March 2024, crypto exchange Gate.io registered in Italy as a virtual asset service provider (VASP).