Consob Targets Unauthorized Trading Websites and Investment Scheme in Italy

Italys securities regulator has taken fresh action against a group of unauthorized trading websites and a separate investment scheme promoted to Italian investors, as part of its continued enforcement against unlicensed online financial services.

The Italian Companies and Exchange Commission, Consob, said several websites were offering investment services without the required authorization under Article 18 of Italys Consolidated Law on Finance. The regulator also permanently banned the public offering of investment plans promoted through another website after previously imposing a temporary suspension.

The latest measures focus on platforms that allowed users to open trading accounts or access online trading areas despite not being authorized to provide investment services in Italy.

Contents

01

Websites Offering Trading Accounts Without Authorization

02

Main Findings Listed by Consob

03

Investment Plans Permanently Banned

04

Local Targeting Remains a Key Issue

05

About WikiFX

Websites Offering Trading Accounts Without Authorization

Consob found that a number of websites were providing or promoting access to online trading services aimed at Italian users.

The websites covered by the action include domains connected to Mir-Partner, Capital Trading Group, Gravmor, AlgosOne, Axi, and Trilessyum. According to the regulator, the platforms offered access to trading accounts or web-based trading systems involving products such as CFDs, forex, shares, commodities, indices, and other financial instruments.

Several of the websites were available in Italian, accepted registrations from Italian IP addresses, and appeared to target local investors through remote marketing methods, including telephone contact.

Consob also noted that some investors had reported difficulties recovering deposited money, adding to the concerns around the platforms activities.

Main Findings Listed by Consob

The regulators findings covered a range of websites and operating patterns.

Investment Plans Permanently Banned

In a separate measure, Consob permanently prohibited the public offering of five investment plans promoted through the Elite-Flows website.

According to the regulator, the plans promised fixed returns over periods ranging from one day to three months. Promotional materials stated that investor funds would be managed by professional traders active in financial and digital-asset markets.

Consob concluded that the plans qualified as financial products offered to the Italian public without an approved prospectus, in breach of Italian securities rules.

The permanent ban followed a temporary suspension issued in April 2026, after the operators failed to respond to the regulators request for information.

Local Targeting Remains a Key Issue

The action shows how regulators are increasingly focusing not only on whether a platform is physically based in a jurisdiction, but also on whether it targets local investors.

Italian-language content, acceptance of local users, remote marketing, and complaints from domestic investors can all form part of the evidence used to assess whether a service is being offered into Italy.

For online trading platforms, this means that access from local users and localized marketing may trigger regulatory scrutiny even when the operator claims to be based elsewhere.

About WikiFX

WikiFX is a global forex broker information and verification platform. It provides regulatory information, broker background checks, risk alerts, and user exposure records to help traders assess brokers and identify potential platform risks before making financial decisions.