Spain’s CNMV warns crypto exchanges Huobi, Bybit, and 10 other entities not authorized to provide investment services
Ghe National Securities Market Commission (CNMV) issued a warning to the public on 12 entities including crypto exchanges Huobi and Bybit, saying that the entities are not registered with the regulator.
Wed, 18 Aug 2021, 06:09 am UTC
Crypto firms are now facing increasing regulatory scrutiny from regulators worldwide. The latest to turn the regulatory heat is Spain’s CNMV, which recently issued a warning on 12 crypto platforms for non-registration.
On August 16, 2021, the National Securities Market Commission (CNMV) issued a warning to the public on 12 entities including crypto exchanges Huobi and Bybit. The warning, which was posted on its website, said that the cited entities are not registered with the regulator.
As unregistered entities, the commission pointed out that they cannot offer investment services. “According to CNMV records, these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services or other activities subject to the CNMV’s supervision,” the warning said.
Aside from the crypto exchanges Huobi and Bybit, the agency also mentioned ten other entities in its warning. These include the crypto exchanges Markets Cube, Expertise Trader, Dsdaq Market, the trading platforms Financial Resident, Profit Assist, and Markets EU, the crypto token user N2 group, Australian investment firm Liberty Sky, and The Market Limited, according to Coindesk.
While Spain’s securities watchdog issued the warning, it does not mean that the twelve firms will be banned from conducting their business operations in the country. The National Securities Market Commission only has administrative powers and does not have the authority to directly issue a ban on any company.
Should it wish to pursue the matter, CNMW will have to appeal to a court to impose sanctions on the firms. However, the commission likely issued the warning to alert the public as well as the operators.
Spain is known for its crypto-friendly approach to the country’s digital assets industry. For instance, the Committee on Economic Affairs and Digital Transformation approved a law for the creation of a sandbox for financial technologies, according to Cointelegraph.
Among the benefits of the creation of the sandbox is that it would favor “the creation of new value-added jobs, technological development and economic competitiveness,” according to Ismael Santiago, a professor at the University of Seville.
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