Italy’s regulatory body responsible for financial markets has taken significant action by blocking the online platforms of two crypto service providers that were operating without authorization. The websites affected include those owned by ‘Dobibo’ and ‘Fameexn’. This marks a notable instance of the authority exercising its newly granted powers under the European regulation regarding crypto-assets, commonly referred to as Micar.
The steps taken by the regulatory body not only entail shutting down these specific sites, but they also reflect ongoing efforts to combat financial fraud that misappropriates the names and reputations of identifiable public figures and brands. In a related measure, the platform ‘Fininvestonline.com’ was also terminated due to its promotion of illegitimate financial services masquerading under the Fininvest and Mediaset brands, as well as names associated with the prominent Berlusconi family. Prior actions in this domain had previously targeted online operations misrepresenting political and institutional figures.
In total, several other unauthorized investment platforms have also been blocked. This week’s interventions include websites such as ‘TORO500’, ‘Trading42 Ltd – Trading42 Financial’, ‘Fpmarketseu’, and ‘AllFinanz Plus’. The authority continues to actively monitor and act against fraudulent websites in the financial sector, adding to a growing list of blocked sites since the official powers were instituted.
Since July 2019, when these enforcement measures were first implemented, the number of sites blocked by this regulatory body has escalated dramatically, reaching a staggering total of 1,226. The comprehensive effort to protect consumers from fraudulent financial intermediaries showcases a robust approach to regulatory oversight in the digital financial landscape.
Internet service providers within Italy are in the process of executing these blocking orders; however, due to various technical circumstances, there may be a delay in the complete implementation of these actions. The proactive stance taken reflects a commitment to securing the market against unscrupulous practices, reinforcing the importance of operating within the legal frameworks set by regulatory authorities.