Consob, which regulates the financial market in Italy, published a new list on Thursday, blocking an additional six platforms for illegally offering financial services in the country.
The names on the list are CMS Ltd, Clandestiny Group LLC, Cryptopay Limited, Axicapitals, Sureinvest and British Trade Limited. The new list came only a week after the Italian regulator blocked six other illegal platforms.
With the latest addition, the regulator is now blocking a total of 780 platforms that are illegally offering financial products inside Italy.
The recent blocklisted platforms offer risky financial products to retail customers. Most of the platforms provide forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term and contract for differences (CFDs) instruments. At the same time, some have crypto products in their offerings.
These financial services platforms are not regulated in any other European jurisdictions. Most of them do not even have any offshore authorization either, making their services shady and offerings outright illegal. Though such illegal platforms take deposits with multiple channels, the trouble starts when traders try to withdraw their funds.
Consob is not the only regulator to red-flag such illegal financial services platforms. Its counterparts in Cyprus, Spain, and the United Kingdom also publish such lists regularly. However, the Italian body is indeed one of the most active regulators actively monitoring the market and looking out for such shady services.
Blocking Access
Unlike other regulators, Consob has had the authority to block access to these illegal websites at a domain level since July 2019. This gives additional powers to the regulator beyond only publishing the names of red-flagged companies.
“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 stated.
Despite the advancement in regulatory technology, it is hard to monitor all the illegal platforms. They only come to notice when victims complain about losses. Thus, Consob and other regulators suggest traders check the registration of platforms offering financial products before using their services.
Consob, which regulates the financial market in Italy, published a new list on Thursday, blocking an additional six platforms for illegally offering financial services in the country.
The names on the list are CMS Ltd, Clandestiny Group LLC, Cryptopay Limited, Axicapitals, Sureinvest and British Trade Limited. The new list came only a week after the Italian regulator blocked six other illegal platforms.
With the latest addition, the regulator is now blocking a total of 780 platforms that are illegally offering financial products inside Italy.
The recent blocklisted platforms offer risky financial products to retail customers. Most of the platforms provide forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term and contract for differences (CFDs) instruments. At the same time, some have crypto products in their offerings.
These financial services platforms are not regulated in any other European jurisdictions. Most of them do not even have any offshore authorization either, making their services shady and offerings outright illegal. Though such illegal platforms take deposits with multiple channels, the trouble starts when traders try to withdraw their funds.
Consob is not the only regulator to red-flag such illegal financial services platforms. Its counterparts in Cyprus, Spain, and the United Kingdom also publish such lists regularly. However, the Italian body is indeed one of the most active regulators actively monitoring the market and looking out for such shady services.
Blocking Access
Unlike other regulators, Consob has had the authority to block access to these illegal websites at a domain level since July 2019. This gives additional powers to the regulator beyond only publishing the names of red-flagged companies.
“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 stated.
Despite the advancement in regulatory technology, it is hard to monitor all the illegal platforms. They only come to notice when victims complain about losses. Thus, Consob and other regulators suggest traders check the registration of platforms offering financial products before using their services.
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