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Spain, crypto exchange targeted by authorities



The Spain turns the spotlight on some exchange of criptovalute including Bybit and Huobi. Both are in fact mentioned in a warning issued by the CNMV and addressed to investors. 

The CNMV is the Comision Nacional del Mercato de Valores , that is the Spanish authority called to supervise the financial markets and stock exchanges. 

In a warning issued yesterday it is noted that several institutions are operating in Spain without being registered with the Commission, and therefore are not authorized to provide investment services or other activities under the supervision of the CNMV 


Among the 12 companies mentioned there are precisely Bybit Huobi , but also other providers of cryptocurrency services such as:

  • DSDAQ,
  • Experise Trader 4,
  • Financialresident,
  • Markets Cube,
  • N2,
  • The Market Limited. 

The warning issued by the Spanish authority does not make these platforms illegal, for the moment. This type of warning is aimed mostly at investors, making them aware that the platforms that are mentioned not having Spanish authorizations, are not subject to national rules to protect investors. 

In the list of companies that are targeted and therefore do not operate with Spanish licenses, there are several cryptocurrency exchanges, including the most important, such as Coinbase UK, and Binance.

The CNMV does not have the authority to take platforms offline. For this to happen, in Spain, you need the authorization of a judge. This explains why they remain operational


Crypto exchange in the sights of the authorities not only in Spain

What is happening in Spain has already happened in Italy, where Consob has set its sights on Binance, in particular for its derivative products. Even in the United Kingdom, the FCA is paying attention to the activities of crypto exchanges and has banned the trading of derivatives.

These businesses developed in a deregulated market, and the power of the web made it possible for crypto exchanges to operate around the world. But by offering investment services, particularly in a product that is particularly risky for its volatility such as cryptocurrencies, national bodies cannot stand by and have a duty to intervene to protect investors.

The crypto market has started a path towards regulation, which is not an easy path given that many entities are decentralized. But there is the well-expressed confidence from Binance CEO Changpeng Zhao that regulation will not be a brake but a driving force for the sector.


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