Vantage addresses Consob’s blocking order in Italy

Rome: Italian financial market regulator Consob updated its warning list last week and simultaneously announced that it had blocked access to certain entities from within Italy. To the surprise of many, among the listed entities was a company operating the well-known CFD brand Vantage.

In an email statement to Finance Magnates, the broker addressed the latest activity of the Italian regulator and admitted that it does not conduct business from this or any other jurisdiction where it does not possess the appropriate licenses.

Consob regularly exercises its right to order internet service providers to block access to websites suspected of committing crimes or offering investment services without proper licenses.

The regulator once again used this option last Friday, blocking access to five more websites, increasing their total number over the past five years to more than 1,060.

However, most interestingly, among them was the website, owned by Vantage Global Limited. As indicated by the information provided to Finance Magnates, the broker is aware of being added to this list, and “it is a matter of great concern” for its team.

“In response, we have engaged our legal counsel in Italy to diligently address this misunderstanding,” the emailed statement sent to Finance Magnates reads.

The CFD brokers also highlighted that “Vantage Markets does not solicit business from jurisdictions where we are not licensed to operate, including but not limited to Italy.” This clearly shows that Vantage Global Limited does not provide services in areas where it is not authorized.

Currently, the company holds licenses issued by the Vanuatu Financial Services Commission (VFSC), The Financial Sector Conduct Authority of South Africa, and the Australian Securities and Investments Commission (ASIC).

“As an organization committed to responsible and professional conduct, we wish to affirm that Vantage Markets operates in full compliance with the regulatory guidelines set forth by our governing bodies, namely the VFSC, FSCA, and ASIC,” Vantage commented further in its statement.

We can confirm this position by attempting to visit the Vantage website from an unregulated jurisdiction. A prompt immediately appears, informing that “Vantage and its affiliated entities do not operate in your home jurisdiction.”

In addition to resolving legal disputes, the broker has recently made significant strides in enhancing its offerings. Vantage Markets has taken a bold step forward by announcing a comprehensive integration with the widely used charting platform TradingView to provide its clients with expanded trading opportunities.

This development follows closely on the heels of Vantage’s release of an updated trading app just a week prior, with the goal of establishing it as the go-to destination for indices CFDs. The broker had broadened its range of these instruments earlier in the year, focusing on Asian indices. These enhancements were part of a “new year, new look” campaign that included a website revamp in the initial weeks of 2024.