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Italy’s financial regulator did more than publish a warning about the businesses associated with FTE FX and RMT500. CONSOB ordered internet-service providers to block access from Italy to websites it said were offering financial services without the required authorization.
The regulator’s records identify the FTE FX website as www.ftefxpro.com, associated with Ace Capital Ltd. They identify RMT500 as Rmt 500 Ltd or RMT 500 Ltd, although CONSOB used two different spellings for the domain in its separate notices.
What CONSOB ordered
On January 24, 2020, CONSOB announced that it had ordered Italian internet-connectivity providers to block seven websites offering financial services abusively. The power came from Article 36(2-terdecies) of Law No. 58 of June 28, 2019, commonly known as the Decreto Crescita or Growth Decree.
This was an access-blocking measure, not simply a consumer alert. CONSOB said the technical process could take several days to become effective. The January announcement listed seven websites across six entries, because the “Local Trader” entry included two separate websites.
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For investors, the practical point is straightforward: the websites named in the orders were not authorized to provide the relevant financial services in Italy. A block can make a website harder to reach, but it does not by itself settle whether a particular customer lost money or establish a court finding of fraud.
What the official record says about FTE FX
“FTE FX” is the trading brand or website name commonly associated with the matter. In its primary January 2020 release, however, CONSOB did not name a company called “FTE FX Ltd.” It named:
- Company: Ace Capital Ltd
- Website:
www.ftefxpro.com
A precise description is therefore that CONSOB ordered the blocking of www.ftefxpro.com, associated in the notice with Ace Capital Ltd. Calling the legal entity “FTE FX Ltd” would not match the company identification in that CONSOB release.
RMT500 appeared in two CONSOB actions
RMT500 was not first mentioned by CONSOB in January 2020. It had already appeared in an earlier action.
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| Date | CONSOB record | Website shown | Legal or regulatory detail |
|---|---|---|---|
| November 20, 2019 | Resolution No. 21153 | rmt500.com |
Rmt 500 Ltd was ordered to cease violating Article 18 of Legislative Decree No. 58/1998, under Article 7-octies(b). |
| November 22, 2019 | Public announcement of the blocking action | https://rmt500.com |
Listed among five websites offering financial services abusively. |
| January 24, 2020 | Further website-blocking announcement | www.rtm500.com |
Listed under RMT 500 Ltd among the websites ordered blocked from Italy. |
The spelling difference matters. The November notice uses rmt500.com, while the January notice uses rtm500.com. The two addresses should not be silently treated as though CONSOB printed the same URL in both documents.
The UK Financial Conduct Authority also published a warning headed “RMT500 / RTM500.” Its warning listed both domain spellings and described the operation as an unauthorized clone firm. The FCA warning was first published on December 2, 2019, and last updated on November 21, 2020.
Timeline of the regulatory actions
- November 20, 2019: CONSOB issued Resolution No. 21153 concerning Rmt 500 Ltd.
- November 22, 2019: CONSOB announced that access to
rmt500.comwas being blocked in Italy as part of an action involving five websites. - January 24, 2020: CONSOB announced a further blocking action involving seven websites, including
www.ftefxpro.comandwww.rtm500.com. - November 21, 2020: The FCA’s RMT500/RTM500 warning received its last-update date.
What “unauthorized” means
CONSOB’s releases establish that the named businesses or websites were offering financial services in Italy without the authorization required for that activity. That is a serious regulatory finding, but it is narrower than a criminal or civil fraud judgment.
The cited CONSOB documents do not, by themselves, prove that every customer lost money, that every transaction was fraudulent, or that the businesses constituted a criminal enterprise. Those claims would require separate evidence and, where applicable, a judicial finding.
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For that reason, the most accurate descriptions are “unauthorized,” “offering financial services abusively,” and “subject to a CONSOB cease-and-block order.” Calling the firms “scams” as an established fact goes beyond what these primary notices say.
If you deposited money or shared documents
If you used one of the websites, focus first on preserving evidence and limiting further losses:
- Stop sending money. Do not make additional deposits to unlock withdrawals, pay taxes, cover verification, or release an account balance without independently checking the claim.
- Save the records. Keep account statements, payment confirmations, emails, chat messages, contracts, screenshots, wallet addresses, telephone numbers, and the exact website address you used.
- Contact the payment provider quickly. Ask your bank, card issuer, or payment service whether a payment recall, chargeback, or fraud review is available. The provider will determine what process applies; acting promptly is important.
- Secure your accounts. Change reused passwords, enable multi-factor authentication, and monitor bank and card activity. If you supplied identity documents, ask the relevant institutions what additional monitoring or replacement steps they recommend.
- Be cautious of recovery offers. People who have already paid a suspicious broker can become targets for “fund recovery” services demanding an upfront fee or more personal information.
- Report the matter through official channels. Provide the saved records to the relevant financial regulator, law-enforcement body, and payment provider. Use contact details obtained from official websites rather than links sent by an alleged representative.
How to check a broker before depositing
A website’s professional design, claimed overseas address, or statement that it is “regulated” is not enough. Before depositing, verify the exact legal entity, domain, and authorization in the regulator’s official register. The name must match: a license belonging to a different company does not authorize an unrelated website.
Also check whether the regulator has issued a warning or blocking order for the specific domain. Keep copies of the authorization details and terms before sending money, since websites and contact information can change.
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In the FTE FX and RMT500 cases, the domain details themselves illustrate why precision matters. CONSOB’s records name Ace Capital Ltd for www.ftefxpro.com, and use both rmt500.com and rtm500.com in separate RMT500-related actions.
Sources
- CONSOB release dated January 24, 2020
- CONSOB release dated November 22, 2019
- UK FCA warning for RMT500 / RTM500
FAQ
Did CONSOB merely warn against FTE FX and RMT500?
No. CONSOB ordered Italian internet-service providers to block access from Italy to the named websites. It also described the activity as the abusive offering of financial services without the required authorization.
What company did CONSOB name for FTE FX?
The January 24, 2020 CONSOB release named Ace Capital Ltd and the website www.ftefxpro.com. It did not identify the legal entity as “FTE FX Ltd.”
Was RMT500 listed by CONSOB before January 2020?
Yes. CONSOB’s November 2019 action identified Rmt 500 Ltd and rmt500.com. The January 2020 release listed RMT 500 Ltd and printed the domain as rtm500.com.
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Did CONSOB prove that FTE FX or RMT500 was a scam?
The cited CONSOB notices establish unauthorized financial-services activity and website-blocking orders. They do not, by themselves, constitute a court judgment finding fraud or prove that every customer lost money.
What should I do if I sent money to one of these websites?
Stop making payments, preserve all records, contact your bank or payment provider promptly to ask about available recovery procedures, secure reused passwords, and report the matter through official regulatory or law-enforcement channels.
The Bottom Line
CONSOB’s action against the websites associated with FTE FX and RMT500 was an access-blocking order based on unauthorized financial-services activity, not just a general warning. The official record identifies FTE FX’s website as www.ftefxpro.com and the company as Ace Capital Ltd. RMT500 was involved in both a November 2019 action using rmt500.com and a January 2020 notice using rtm500.com. Those facts support treating the websites as unauthorized for Italian investors, while avoiding unsupported claims that the CONSOB releases themselves established fraud.
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