Italy’s National Commission for Companies and the Stock Exchange (CONSOB) has expanded its warning list with the addition of two new entities – binary options broker Fin Group Ltd. and online advertising system www.profits25.com.
The CONSOB noted that Fin Group, which does business via the website www.31option.com, is not authorized to provide investments services in Italy. On its website, the broker says it is based in the Marshall Islands, but it does not provide information regarding authorization.
The regulator has banned myprofits25.com from doing business in the country and from targeting ltalian residents and offering them investment opportunities.
Profits25.com redirects to a new domain, myprofits25.com, where it claims it is a brand of Sagres Advertisement Ltd. The company offers clients to make profits from buying advertising coupons and clicking on banners.
In Italy, as in any other EU member, financial intermediaries, including forex and binary options brokers, are not allowed to op erate 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.