REGULATOR OF ITALY SUSPENDS ACTIVITY OF 3 CRYPTOCURRENCY COMPANIES

Italian securities market regulator CONSOB issued an order to suspend for 90 days the activities of three cryptocurrency companies: Crypton Ltd, Cryptoforce Ltd and Eagle Bit Trade.

Companies Crypton Ltd, Cryptoforce Ltd and Eagle Bit Trade received from the Italian regulator an order to suspend activities, as the CONSOB saw in their activities a violation of the law. After the expiration of three months, companies may also face a permanent ban on doing business.

Crypton offers investments in the cryptocurrency of the same name on the Cryptonforce.world website, promising Italian investors up to 40% of the monthly profit, the regulator explained. The Website Cryptonforce.world is still available in English, Italian, Turkish, Spanish, Chinese, German and Czech, but the Facebook account has not been updated since the beginning of October.

Also, the requirement of the regulator applies to the Italian company Cryptoforce related to Crypton, as well as to the entrepreneur Alessandro Brizzi.

The American company Bit Trade offered Italian citizens investments with a profit of up to 700% through the website eaglebittradeweb.com which doesn’t work since Wednesday morning, the regulator noted.

Recall that in September, Italy announced plans to join the countries included in the European Blockchain Partnership. Member of the Italian Parliament Mirella Luizzi also noted that the Italian government will soon attract experts in the field of blockchain technologies to develop a national strategy in the sector related to cryptocurrencies.