The Italian financial regulator CONSOB has temporarily suspended promotion of LiraCoin Club in Italy.

In a published May 29th bulletin, CONSOB states LiraCoin Club’s MLM opportunity constitutes an investment proposal.

Offering an investment proposal is the equivalent of a securities offering, which in Italy requires companies to register the offering with CONSOB beforehand.

LiraCoin Club failed to do so, and so CONSOB has suspended promotion and investment of LiraCoin Club in Italy for ninety days.

The suspension applies to LiraCoin Club, LiraCoin and parent company Liracoin DAMO.

CONSOB states it has temporarily suspended LiraCoin Club promotion as a “precautionary measure”.

LiraCoin Club has sixty days to appeal the decision, failing which it’s expected to be made permanent after 90 days.

BehindMLM reviewed LiraCoin Club On May 25th.

LiraCoin Club’s business model, which sees affiliates invest in LIC tokens on the promise of an advertised ROI, we concluded it was just another BitConnect lending Ponzi clone.

For our efforts two days ago we received a cease and desist from “Tom Williams”, who claimed to represent “LiraCoin Damo Organization”.

Williams (who I’m pretty sure doesn’t exist), claimed our review

contain [sic] serious, untrue and highly defamatory comments towards LIRACOIN DAMO ORGANIZATION.

In order to protect LIRACOIN DAMO ORGANIZATION interests we are considering proceedings against you in the High Court in Europa and USA.

As is typical of legal threats sent by scammers, Williams failed to identify a single inaccuracy in our review.

I responded as much but as of yet haven’t heard anything back.

Whether Williams and LiraCoin DAMO Organization sent CONSOB a similar cease and desist is unclear.