Fusion Fx and Magnates Trade have their websites blocked in Italy

Italy’s Companies and Exchange Commission (CONSOB) today issued orders for the blocking of access to six new fraudulent investment websites, including ones operated by Fusion Fx and Magnates Trade.

The websites targeted by the latest Consob orders are:

  • “247ProTrade” (website www.247protrade.com);
  • ItalianTrades Limited (website www.italiantrades.com and related page https://webtrader.italiantrades.com);
  • EUFM LTD (website https://eufm.eu and related pages https://client.eufm.eu and https://webtrader.eufm.eu);
  • “Fusion Fx” and Fusion-Fin” (website www.fusion-fin.com);
  • Daxodeal Ltd (website https://daxodeal.com);
  • Primer Tech International Holding OÜ and Magnates Trade (website www.magnatestrade.com).

In issuing the orders, Consob made use of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet service providers (ISPs) to block access from Italy to the websites through which financial services are offered without due authorization.

The number of websites blacked out since July 2019, when Consob got the power to order the blocking of websites of fraudulent financial intermediaries, has risen to 640. Last week, the regulator ordered the blocking of access to six websites.

In late December 2021, Consob ordered the blackout of 28 new pages/websites that abusively offer financial services. The intervention followed a report from the Finance Police.

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 blocking to come into effect.

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