CashFX Group an illegal business in Italy, website blocked
CashFX Group has been declared an illegal business in Italy.
As a result CONSOB, Italy’s top financial regulator, has ordered CashFX Group’s website be blocked nationally.
Following an internal investigation, CONSOB classified CashFX Group as an “abusive financial intermediary”.
The regulator found CashFX Group “offer(s) financial services/financial products illegally”.
This finding, as per Italian law, gives CONSOB the power to order a blackout.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing.
For technical reasons, it can take several days for the black-out to come into effect.
The Italian CashFX Group ban went into effect on February 3rd.
CashFX Group is not registered to offer securities in Italy or anywhere else in the world.
Italy is the twenty-first jurisdiction to take regulatory action against CashFX Group.
CONSOB’s warning follows similar fraud notices from Spain, the Dominican Republic, Singapore, Australia, Portugal, Sweden, Ireland, South Africa, the Philippines, Belgium, New Zealand, Jersey, Canada (New Brunswick, Manitoba, Saskatchewan, Quebec and British Columbia), Panama, the Bahamas, Norway and the UK.
CashFX Group is run by Huascar Lopez and other Dominican Republic nationals.
Marketing of the company is spearheaded by Justin Halladay and Luigi Bruni, US and Canadian citizens respectively.
Throughout 2021 CashFX Group has prolonged its inevitable collapse by delaying and restricting withdrawal requests. These delays have continued into 2022.