Italy’s CONSOB suspends Service Merchant Corp., warns against more forex, binary option brokers

Italy’s CONSOB suspends Service Merchant Corp., warns against more forex, binary option brokers

CONSOB

Italy’s National Commission for Companies and the Stock Exchange (CONSOB) has suspended  Service Merchant Corp. from offering financial services to local citizens for a period of 90 days. In addition, the financial markets regulator has also issued warnings against several other non-authorized entities operating in the country.

Revolution Markets

Service Merchant Corp., which claims to be based in the Dominican Republic, offers various services and operates two different websites. Via www.euroinrete.blogspot.it/2016/11/merchantshare.html it offers trading in forex, commodities ans stocks, as well as advertising services. On its website, the company presents itself as MerchantShare. Meanwhile, the entity also acts as a collective fund that provides portfolio investment services via www.merchantshares.com.

The regulator also warned against non-regulated forex broker www.exxonfx.com (associated to Evolution Trade Lp and Revolution Markets Lp.) and binary options brokers www.binarybrokerz.com, and www.gmibanque.com (operated by Gmi Bq Ltd.), as well as www.profitmaximizer.com (associated to Dsmg Ltd. and Europe Ridge Eood) and International Partners. Neither of the companies is authorized to provide investment services in Italy.

In Italy, as in any other EU member, financial intermediaries, including forex and binary options 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, the license allows it to provide services in the rest of the union.

When engaging with unauthorized and non-regulated brokers, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySEC, FCA, and CFTC/NFA, among others.

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