Securities Regulator Bars Two Crypto Firms for Alleged Scam Investment Schemes In Italy

The Italian securities regulator suspended two projects for allegedly proposing malicious crypto investment programs. A 90-day suspension was published in an official statement posted on the regulator's website on Monday, December 17th.

The Italian Society and Foreign Exchange Commission (CONSOB) is an Italian Securities Securities Analyst (SEC) analyst and governmental body managing the Italian securities market.

Two companies suspended by CONSOB - Bitsurge Token and Green Energy Certificates - would be false projects by Avalon Life, a company that does not have a head office in the European Union. Both are banned from offering placements for 90 days starting December 12, according to two official solutions.

The allegedly fake Bitsurge scheme promoted on the website and the Facebook page nicknamed "Bitsurge Token". As stated in the resolution, the company has offered investors "symbolic deals" with monthly returns ranging from 6 to 13% for capital inflows ranging from $ 1,000 to $ 25,000. A consular document shows that customers would not have autonomy in managing their chips.

Another project, called Green Earth Certificates, was promoted on Facebook's "Progetto Crypto Green Earth" and offered "Green Building Certificates" to protect tropical forests from deforestation by purchasing forest areas via Blockchain. 6% reward on cryptographic investments in forest areas - like Costa Rica - that have large areas of tropical forests.

Recently, Consob issued a joint warning with Maltese Financial Services (MFSA) regarding the unauthorised substitution of crypto valence called OriginalCrypto.

In mid-November, CONSOB also banned three crypto-related companies for allegedly supplying unsolicited investment services.

As for the issue of encrypted Facebook advertising, giant social media has already banned the crypto and ICO advertising in January 2018, saying it wants to ban "deceptive or misleading promotional practices" associated with the crypto.

However, the entity's social media has updated its policy of allowing ads with cryptographic data at the end of June 2018, with the restriction of ICO promotion.


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