Forex brokerage Venice Investment Group Ltd. provide financial services in Italy without having the required authorization, the country’s National Commission for Companies and the Stock Exchange (CONSOB) warned on Monday.
“The company Venice Investment Group Ltd is not authorised to provide investment services and business in Italy in any way, including through the website www.veniceinvestmentgroup.com,” the CONSOB noted.
The broker operates via the website www.veniceinvestmentgroup.com. The company claims to be based in the UK and registered with Croatia’s Bureau of Statistics, which is not related to the forex industry.
This is the second time the broker receives a warning from the CONSOB. In April last year, the Italian regulator also issued a notice, in which it alerted the public the broker was not authorized. The only difference is that at the time, the broker operated via the website www.veniceforexinvestment.com.
In addition, the regulator warned that it has prohibited advertising system Service Merchant Corp., doing business as Merchant Shares, from operating in the country. The entity is banned from offering and advertising to local residents financial investment services.
Service Merchant Corp. does business through the website www.merchantshares.com. It is registered in the Commonwealth of Dominica. No information regarding authorization was available.
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.