Consob announces black-out of 7 websites for unauthorized financial services

The Commissione Nazionale per le Società e la Borsa (Consob) has announced the black-out of seven new websites involved in the unauthorized offering of financial services or crypto-activities under the Markets in Crypto-Assets Regulation (MiCAR). The announcement was made in a press release on March 27, 2025.

According to Consob, the action targets four financial intermediation platforms and three cryptocurrency service providers that were operating without necessary authorization. This measure is part of Consob's ongoing efforts to combat unauthorized financial services and protect consumers. The authority to block such websites was granted by the "Decreto crescita" (Growth Decree) and MiCAR regulations.

Since receiving this authority in 2019, Consob has blacked out a total of 1,275 websites involved in abusive activities. The recently blocked platforms include Finanza Expert, Cmswiss, Aspect-Markets, UCapital Trading, Caa871, Sdf837, and SYBZ. The black-out process is implemented by internet service providers in Italy and may take several days to fully take effect.

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According to the European Union, MiCA establishes uniform rules for crypto-asset issuers and service providers not covered by existing EU laws. It aims to ensure transparency, consumer protection, and market stability with specific obligations for different types of crypto-assets, including e-money and asset-referenced tokens. Effective from December 30, 2024, the regulation includes provisions on governance, disclosure, and preventing market abuse with oversight by EU authorities like the European Banking Authority (EBA) and European Securities and Markets Authority (ESMA).

Consob serves as Italy’s financial market regulator responsible for ensuring transparency and proper conduct among financial operators. It aims to protect the integrity of the financial system and safeguard investors by monitoring compliance with financial regulations and taking action when necessary. Consob ensures that investors have access to accurate information for informed investment decisions while promoting efficient financial trading.