CONSOB’s action involving RoyalFunds and LV Grow Markets dates to December 2019, not July 2023. The authority ordered the operators to stop offering investment services without authorization and ordered Italian internet providers to block access to the named websites from Italy.
The action covered royalfunds.co and royalfunds.cc, plus lvgrowmarkets.com and partners.lvgrowmarkets.com. CONSOB identified Arrow Capital Ltd in connection with the LV Grow Markets domains.
What CONSOB actually ordered
On December 18, 2019, CONSOB adopted two resolutions:
- Resolution No. 21203 concerning royalfunds.co and royalfunds.cc.
- Resolution No. 21205 concerning lvgrowmarkets.com and partners.lvgrowmarkets.com.
Both orders directed the operators to stop infringing Article 18 of Italy’s Consolidated Law on Finance, under Article 7-octies(1)(b) of Legislative Decree No. 58/1998.
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In a December 20, 2019 press release, CONSOB said the websites were offering financial services without the required authorization and announced that Italian internet-access providers would be instructed to block access from Italy. The authority noted that technical implementation could take several days. CONSOB said the access-blocking power was introduced by Article 36(2-terdecies) of Law No. 58 of June 28, 2019, known as the “Growth Decree.”
This was more than a general investor alert. It was a cease-and-desist measure accompanied by an access-blocking order. It was not a finding that CONSOB had licensed either platform and later suspended its authorization.
Which company was connected to LV Grow Markets?
CONSOB’s official release did not identify “LV Grow Markets” as the legal company. It identified Arrow Capital Ltd in connection with the two LV Grow Markets domains.
| Trading name or entity | Domains identified by CONSOB |
|---|---|
| RoyalFunds | www.royalfunds.co; www.royalfunds.cc |
| Arrow Capital Ltd, associated with the LV Grow Markets brand | www.lvgrowmarkets.com; www.partners.lvgrowmarkets.com |
That distinction matters when checking a broker. A brand name shown on a website is not necessarily the name of the company holding a licence, operating the account, or receiving a customer’s money. Compare the legal entity, domain, licence number, regulator and registered contact details.
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Why the July 2023 date is misleading
A later secondary article used July 13, 2023 as the date associated with the RoyalFunds and LV Grow Markets warning. That date does not match CONSOB’s primary records for this action.
The official timeline is:
- December 18, 2019: CONSOB adopted Resolutions No. 21203 and 21205.
- December 20, 2019: CONSOB publicly announced the action as part of a wider blocking operation involving 16 websites.
- April 6, 2021: CONSOB reproduced a separate warning from Poland’s Financial Supervision Authority (KNF), listing LV Grow Markets at lvgrowmarkets.com/pl.
The 2021 KNF item was a foreign-regulator warning reproduced in CONSOB’s bulletin. It was not the original CONSOB order from December 2019, and neither event establishes a July 2023 addition to a new CONSOB warning list.
What the blocking order does—and does not—prove
The December 2019 action establishes that CONSOB considered the operators to be offering investment services in breach of the cited Italian rules and took steps to restrict access to the named domains from Italy.
It does not, by itself, establish any of the following:
- that every customer lost money;
- the amount of any customer losses;
- the outcome of an individual withdrawal or compensation dispute;
- that every later website using a similar name was covered by the order; or
- that a new domain was legitimate simply because it was accessible.
The resolutions and release identify specific domains. A broker can change domains, branding, payment details or corporate names. A blocked address may also remain visible outside Italy or through search results without that changing the regulatory status of the operator.
How to check a broker before sending money
If you are considering a platform connected to RoyalFunds, LV Grow Markets, Arrow Capital Ltd or a similarly named business, use the legal entity—not just the brand—to check its status.
- Find the legal company name. Check the site’s terms, client agreement and account-opening documents. Be cautious if the company name changes between pages or if the site gives only a trading brand.
- Identify the claimed regulator and licence number. Do not rely on a logo or a statement such as “regulated in Europe.”
- Search the regulator’s official register. Type the regulator’s address into your browser independently rather than following a link supplied by the broker. Confirm that the domain, legal entity, services and contact details match.
- Check warnings and enforcement notices. Search CONSOB’s official website and the relevant regulator’s warning database using both the company name and each domain.
- Check where payments go. A request to send funds to a personal bank account, unrelated company, cryptocurrency wallet or payment processor in a different country is a significant warning sign.
- Test the withdrawal process early. Do not deposit more money to pay a supposed tax, release charge, verification fee or account-upgrade fee. Legitimate firms do not normally require repeated deposits to unlock your own balance.
If you already sent money
Stop making further payments and preserve evidence before deleting messages or closing an account. Save the website address, account statements, transaction IDs, bank details, wallet addresses, emails, chat logs and screenshots of representations about licensing or withdrawals.
Contact your bank or card provider promptly and ask what options are available for a suspected investment scam. If you paid by card, ask about a card dispute or chargeback. For a bank transfer, request an urgent recall or fraud review; recovery is not guaranteed, but speed matters. If cryptocurrency was used, record the transaction hash and report the receiving address to the exchange or service you used.
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The accurate description of the case
A precise summary is:
On December 20, 2019, CONSOB announced that it had ordered Italian internet providers to block access to the RoyalFunds domains and to the LV Grow Markets domains associated with Arrow Capital Ltd, after ordering the operators to cease offering investment services in breach of Article 18 of the Consolidated Law on Finance.
That wording reflects the dates, legal basis, named domains and company identification in CONSOB’s records without turning the case into a claim about later websites or individual customer losses.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.FAQ
Did CONSOB add RoyalFunds and LV Grow Markets to a warning list in July 2023?
No. CONSOB adopted the relevant resolutions on December 18, 2019, and issued its public announcement on December 20, 2019. The July 2023 date appears in a later secondary report, not in the primary CONSOB records for this action.
Best Value
What domains did the CONSOB action name?
The action named royalfunds.co and royalfunds.cc for RoyalFunds, and lvgrowmarkets.com and partners.lvgrowmarkets.com for the LV Grow Markets operation associated with Arrow Capital Ltd.
Was LV Grow Markets the legal company named by CONSOB?
No. CONSOB’s December 20, 2019 release identified Arrow Capital Ltd in connection with the LV Grow Markets domains. LV Grow Markets was the trading name or website brand shown in the records.
Did CONSOB only issue an investor warning?
No. CONSOB ordered the operators to cease the unauthorized offering of investment services and announced an order for Italian internet providers to block access to the named websites from Italy.
Does a new domain automatically fall under the 2019 order?
Not necessarily. The cited records identify specific domains. Do not assume a later domain, mirror or successor site is covered unless a separate regulatory document identifies it.
What should I do if I deposited money with one of these platforms?
Stop sending money, preserve all records, contact your bank or card provider promptly, report the matter to relevant authorities and be cautious of recovery services demanding an upfront fee.
The Bottom Line
Bottom line: RoyalFunds and the LV Grow Markets domains associated with Arrow Capital Ltd were the subject of CONSOB action in December 2019—not a newly published July 2023 warning. CONSOB ordered the operators to stop offering investment services without authorization and directed Italian providers to block access to the named domains. Treat any related or successor website as unverified unless its exact legal entity and authorization can be confirmed through an official regulator’s register.
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