Spanish Regulators Issue Warning on Huobi and Bybit Crypto Exchanges

CNMV has issued a warning on 12 entities on 16 August for not being registered in the corresponding registry of commission.
Spanish Regulators Issue Warning on Huobi and Bybit Crypto Exchanges

In Brief:- 

  • Spain’s National Securities Market Commission (CNMV)  has warned 12 Firms for not registering for Investment services.
  • The CNMV does not have the right to ban an entity from operating in the country directly. 

Spanish Regulators issued a warning on several cryptos and financial-related businesses, including crypto exchanges Huobi and Bybit, for unregistered services.

According to the document, Spain’s National Securities Market Commission (CNMV) has issued a warning on 12 entities on 16 August for not being registered in the corresponding registry of commission. Spain’s National Securities Market Commission currently issues warnings on various crypto and financial market-related businesses for unregistered 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 CNMV said in a statement.

The listed entities, including major crypto trading platforms Huobi and Bybit, are restricted to giving investment services within Spain. The other firms in the warned notice are DSDAQ Market LTD, N2 Group COOPERATION LIMITED, Seabreeze Partners Ltd. much more.

According to CNMV’s only registered firms have the authorization to provide services related to securities. The CNMV does not have the right to ban an entity from operating in the country directly. Crypto exchanges around the world are facing pressure from authorities.

Last month, the Spanish Socialist Workers’ Party introduced a proposition to launch a digital euro as a public digital currency.

Crypto exchanges around the world are facing pressure from regulatory authorities.

The UK Financial Conduct Authority recently issued a consumer warning against Binance Market Limited.

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