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CONSOB issues cease orders against several forex, binary options brokers

Feb 20 2018
By
Jonathan Smith

 Italy’s financial markets and service providers regulator CONSOB announced it has issued cease orders against several forex and binary options brokers that are operating in violation of Italian law.

 

According to the publication, the brokers Iforex24 (owned by Iforex24 Ltd), Toroption (Smart Choice Zone Lp and Titanium Tech Solutions Limited), XLRTrade (Nostro Technology Ltd) and Tradex1 (Black Parrot Limited - Blonde Bear Ou) must cease their operation in Italy and attracting Italian clients, starting from February 14.

 

Neither of the companies is regulated by any financial watchdog. In fact, all of them are registered in offshore zones like the Marshall Islands, which suggests they might actually be a scam.

 

In fact, the Black Parrot Limited - Blonde Bear Ou company that now seems to own Tradex1, has appeared time and time again in various warnings, including from CONSOB. Apparently, the only thing this company does is change the name of the brokerage and register a new domain to continue looking for gullible clients. So far we have come across warnings of Vortex Assets, which has garnered numerous complaints from our readers, Mib700 – also with numerous warnings and complaints and TradersPrime. All of those “brokers” are owned and operated by Black Parrot Limited - Blonde Bear Ou, or either the parrot or the bear.

 

Another entry on the list - Iforex24 - is also described by our readers as "scam", "criminals", etc. Most of the complaints are in Italian.

 

 

TAGS: consob  warning  scam  iforex24  xlrtrade  tradex1  toroption 
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