Consob Orders Black-out of New Websites Providing Illicit Financial Services

Italy’s Companies and Exchange Commission, Consob, has ordered the closure of five new illegal financial services websites. The blackout is the latest step taken to combat the growth of illegal trading websites. The Commission, based in Milan, said that the five new sites operate in the country without authorization. Nevertheless, it’s important to note that this decision only affects Italian financial services. Several other countries are not affected.

This action is a step towards protecting investors and protecting consumers. The new laws are also a welcome change from the previous warnings about rogue firms. The Blackouts will prevent more fraud in the financial sector, which is a key priority for the government of Italy.

The commission used the new powers conferred on it by the “Decreto Crescita” (“Growth Decree”; Law no. 58 of June 28, 2019, article 36, paragraph 2), which allows Consob to order internet service providers to block access from Italy to websites that offer financial services without proper authorization.

These are the specific websites that Consob has ordered to be blacked out:

  1. Evolve Invest Limited ( and
  2. Tryst Consulting Llc (
  3. High Rock Holdings Llc (
  4. Wam-Capital Uk Ltd/Wam-Capital and Gabioni Ltd (website and
  5. Miva Solutions Llc ( and

This swift action by Consob is indeed a good reminder to investors like you of the importance of exercising due diligence in order to make informed investment decisions, as well as common sense behaviors that are necessary to protect one’s savings.

The Authority’s latest action will have a profound impact on investors. The new website blacklist will affect the trading of forex, CFD, and crypto assets. It will also block any websites that are likely to be associated with these five websites, especially if they purport to offer investments in such instruments. Important to note that although the new sites are still accessible, they are blocked from the Italian territory. 

Scam Help in particular wishes to advise that before you entrust your funds with whichever financial services website, be sure to check that the company behind the website is authorized, and for financial product offers, make sure that a prospectus has been published.

Since July 2019, when Consob gained the authority to require that the websites of fraudulent financial intermediaries be blacked out, the total number of sites blacked out has climbed to 628.

The blocking of illegal websites by internet service providers based in Italy is still going on. The blackout may take many days to take effect due to technological issues.

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