XTB Empire and Activ4X, two online trading platforms, have recently drawn concern from Italy’s financial watchdog, the Commissione Nazionale per le Società e la Borsa (CONSOB). The regulator has issued warnings to both companies, stating that they are not authorized to provide investment services in Italy.
XTB Empire is a trading platform that offers access to a range of financial instruments, including forex, stocks, and commodities. The company is based in Belize and is owned by X-Trade Brokers Dom Maklerski SA, a Polish brokerage firm. Activ4X is a similar platform that offers forex trading services. It is owned by ActivTrades PLC, a UK-based company.
According to CONSOB, both XTB Empire and Activ4X have been offering investment services to Italian residents without the necessary authorization. This means that they are operating illegally in Italy and are not subject to the same regulatory oversight as authorized firms.
The regulator has warned Italian investors to be cautious when dealing with these companies and has advised them to only use authorized firms for their investment needs. CONSOB has also urged XTB Empire and Activ4X to cease their activities in Italy immediately.
This is not the first time that CONSOB has taken action against unauthorized investment firms. The regulator has been cracking down on illegal operators in the country for several years now, as part of its efforts to protect Italian investors from fraud and other financial crimes.
In recent years, CONSOB has also been working closely with other European regulators to coordinate its efforts against illegal investment firms. This has led to a number of successful enforcement actions against unauthorized operators across the continent.
Investors who are concerned about the legitimacy of an investment firm can check whether it is authorized by CONSOB by visiting the regulator’s website. They can also contact the regulator directly for more information or to report any suspicious activity.
In conclusion, XTB Empire and Activ4X have drawn concern from Italy’s financial watchdog, CONSOB, for operating illegally in the country. Investors are advised to only use authorized firms for their investment needs and to be cautious when dealing with unauthorized operators. CONSOB will continue to take action against illegal investment firms in order to protect Italian investors from financial crimes.
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