Italian regulator CONSOB warns against Bitex360 broker

June 4, 2018 at 06:55 PM

Italy’s financial markets and services provider regulator CONSOB (Commissione Nazionale per le Società e la Borsa) has updated its list of forex and cryptocurrencies brokers who are not licensed to operate in Italy with one new addition – Bitex360 broker. This broker has been offering investment services and activities to the Italian public without being authorized in the country. Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of Italy responsible for regulating the Italian securities market. This includes the regulation of the Italian stock exchange, the Borsa Italiana.

Bitex360 operates on the website bitex360.com and offers forex and cryptocurrencies trading. The brokerage Bitex360, owned by Km Media Ltd. – an offshore company registered on the Marshall Islands. It claims to have an office in the United Kingdom as the phone number (which is the only contact info on the website) has UK’s country code. Although the company is obviously not registered with UK’s Financial Conduct Authority (FCA). The Marshall Islands is the preferred location for unregulated forex brokers and there is always a high risk of losing the investments with such companies. Either way, it is better to avoid dealing with offshore brokerages and choose properly regulated and reliable brokers. A good example for such are the ones supervised by the FCA or ASIC. You can read our review on this broker here.