Italy’s CONSOB Suspends Crypton, Cryptoforce and Eagle Bit Trade Crypto Companies for 90 Days

For the next three months, three Italy-based digital currency companies will have their services suspended. This follows an order issued by CONSOB, the regulatory oversight authority for Italy’s financial services industry.

On November 19, CONSOB temporarily suspended three crypto companies for breaching the local financial regulations. The three, Eagle Bit Trade, Crypton Limited and Cryptoforce Limited, will not operate in Italy for a period of 90 days, effective as from November 14, 2018. Although the current suspension is temporary, it could turn permanent if the companies are found guilty of contradicting the local regulations.

Crypton allows individuals to invest and profit from trading a coin going by the same name. Apparently, the Crypton coin uses of the proof-of-stake consensus mechanism. According to CONSOB, Crypton is behind the website, where it promises prospective clients of lucrative ROI margins of up to 40%.

The website is still active. Indeed, it is available in several languages including Italian, Russian, Spanish, Chinese, and English and so on. Similar to the Italian website, the English site has a 40% ROI package, as well as many others. Interestingly, the Facebook account associated with this platform has been dormant for over a month.

Additionally, CONSOB also issued a cease and desist order to Alessandro Brizzi, an affiliate of Cryptoforce. Alessandro used his Facebook page as a platform to market Cryptoforce which also sold Crypton coin. At the time of writing, the suspect Facebook account was still active.

Lastly, the regulator also suspended the services of Eagle Bit Trade, an American company operating in Italy. Eagle Bit Trade conducted their dubious activities using the website. Here, they promised to in cares a client’s cryptocurrency investment seven-fold. So far, this is the only platform that appears to have heeded to the orders issued by CONSOB because it is no longer operational.

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