3 Crypto Companies Get Temporary Suspension by Italy’s Market Regulator
CONSOB has suspended the Italian activities of Belize-incorporated Crypton Ltd and a related entity called Cryptoforce Ltd, as well as of US-based Eagle Bit Trade, for an initial period of 90 days.
Italy’s stock market regulator, CONSOB, has temporarily halted the local services of three cryptocurrency companies – Crypton Ltd, Cryptoforce Ltd, and Eagle Bit Trade - on the grounds of financial law violations. The measures will continue for period of 90 days, starting on November 14, the regulator said on Monday.
The three entities have been deemed to offer unauthorized services and could be placed under permanent bans if CONSOB confirms the breaches after the three-month period.
Crypton is offering investments in its eponymous digital currency. The company operates the cryptonforce.world website, through which it targeted Italian citizens with by promising up to 40% in monthly returns, the regulator said in the order. The Crypton coin is presented as a virtual currency that implements “the best method of proof-of-stake” protocol.
Cryptonforce.world is still operational, offering versions in eight languages: English, Italian, Russian, Turkish, Spanish, Chinese, German, and Czech. The English-language website also offers 40% returns on a monthly basis but has three extra packages – with 100%, 50%, and 25% of additional profits. Crypton’s Facebook account has not been updated since early October.
The second CONSOB order concerns Italy-based Cryptoforce and an individual named Alessandro Brizzi. The company is related to Crypton because it was also offering investments in the Crypton coin through multi-level marketing campaigns on Brizzi’s Facebook page. Cryptoforce claimed to deliver 4.5 times returns on investment. Brizzi’s account is still operational.
The last order halted the Italian services of US-based Eagle Bit Trade, which targeted Italians via eaglebittradeweb.com. The company offered investment in cryptocurrency trading with “7 times profit,” CONSOB said. The domain was abandoned as of Wednesday morning UTC.