Italy’s CONSOB warns forex broker CVC Groups is unauthorized

Italy’s CONSOB warns forex broker CVC Groups is unauthorized

CONSOB

Italy’s financial regulatory body CONSOB issued on Monday a warning notice against CVC Ltd., trading under the CVC Groups brand, is not authorized to provide financial services in the country, including trading in forex instruments.

The watchdog noted that CVC Ltd., www.cvcgroups.com, is not related to CVC Capital Partners Group Ltd. and its subsidiaries.

On its website, CVC Group claims it is an electronic communication network (ECN) forex broker that is based in Anguilla, but it provides no information regarding regulation or authorization. Its website is available in English, French, Italian, and Turkish.

In addition to trading services, the broker also provides educational and training activities. The broker offers three types of trading accounts – Standard, Pro, and Premium – with a minimum deposit of €500, €3,000, and €10,000, respectively.

In Italy, as in any other EU member, financial intermediaries, including forex brokers, are not allowed to operate without the proper authorization from the local authorities or the relevant regulator of any other EU country. If a broker is licensed in any EU member state, this license allowes it to provide services in the rest of the union.

We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

Source: CONSOB

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