Italian securities watchdog CONSOB has ordered cease and desist orders on several crypto-related firms

The financial watchdogs in Italy who are popularly known as CONSOB has in a recent move ordered the closure of three crypto companies who have been given the unauthorized status in Italy. It is believed that this crypto firm has been offering their clients the opportunity to invest heavily even while they had no authority to do so. They have been told to cease and desist from all these actions.

One of these companies is a popular trading platform which is called Richmond Investing is said to have been constantly violating the consolidated law on finance. It is important to note that this law is very essential to the financial watchdogs who are currently working within the jurisdiction of Italy. They have been in violation of this law by failing or not attempting to even register as a legal financial corporation in Italy since their platform was established.

The other two crypto firms which have been suspended in recent times by the Italian financial watchdog are believed to be Crypton limited and the Eagle Bit trade. In addition to the two crypto corporation which has been suspended, Alessandro Brizzi has also been suspended by the financial watchdog for violating some fundamental laws governing the country and the watchdogs. His suspension is expected to last for about 90 days.

CONSOB WHO IS THE ITALIAN FINANCIAL WATCHDOGS HAVE ADVISED THE CORPORATION TO CEASE AND DESIST FROM ALL TRADING ACTIVITIES IN THE COUNTRY

The violation took place when a trading and cryptocurrency platform called crypto force started to say things on social media in a bid to promote a new digital currency Crypton. This promotion was led by Alessandro Brizzi who is said to have posted some promotion content on his Facebook page in a bit to promote the crypto force platform to many users. As for the eagle bit trade, they are believed to have initiated investment packages which are meant to be handed over to the various investors who decide to invest in their corporation. It is important to note that crypto force is a corporation which focus is centered on proof of stake mining and the benefits that accrue from it.

The suspension and violations have come at a crucial period for all crypto firms in Europe as repeated calls are being made for the various countries to tighten their hold and regulation over the various digital currencies and the companies who are interested in them. This is done in an effort to ensure that there are no fraudulent activities attached to the various trading activities which would take place on those platforms.

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