When an investor loses money on a platform that refuses withdrawals, there is only one question: can it be recovered? In 2025 the answer came from Gorizia, and in 2026 that answer has become more robust, because the regulatory framework for platforms has closed.
The case
An Italian investor had lost over EUR 11,000 on an unregulated trading platform run by a foreign company. Assisted by our legal partners, after months of silence and refused withdrawals, he decided to pursue legal remedies.
The Gorizia Court (no. 120/2025) ordered the company to return the sum: an outcome which, for its concreteness, became a reference point.
The three principles
The decision established three principles:
- Italian jurisdiction: even if the company is based abroad, if it actively operates in Italy addressing Italian consumers, the competent court is that of the consumer.
- Nullity of unfair terms: 'Terms and Conditions' accepted with a simple click are not sufficient to exempt the platform from its liabilities, especially if not translated or unclear.
- Obligation to refund: in the absence of CONSOB authorisation, the contracts are void and the sums paid must be returned as unjust enrichment.
2026: MiCA as the new element
The framework has changed significantly. With the MiCA transitional regime expiring on 1 July 2026, the operation of a platform is objectively verifiable: whether it operates as an authorised or registered CASP, or whether it is unregulated. That verifiability is an advantage that did not exist in 2025.
The compensation claim benefits directly. The absence of authorisation is no longer a circumstance that must be laboriously proved: it is a verifiable fact at Banca d'Italia, which reinforces the already decisive argument of unlawfulness and nullity.
What must be documented
The outcome of actions like this turns on documentation: the contract and accepted terms of use, the complete history of operations and failed withdrawal attempts, bank statements, the platform's communications, and - where available - the account-opening application data. It must be gathered promptly, because the availability of the data is itself a question that degrades.
Outlook
The Gorizia judgment opens the way to numerous claims, and 2026 provides a regulatory framework that did not exist in 2025. Anyone who has lost money on similar platforms need not give up: concrete legal tools exist to attempt recovery, and the first check is simple: if the platform operated without authorisation, the claim is considerably stronger.
Have you lost money on a trading platform?
The first check is quick: if the platform operated without MiCA authorisation, the compensation claim is considerably stronger.
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