The Spanish National Securities Market Commission (CNMV) has warned cryptocurrency exchanges Huobi and Bybit that they are not authorized to provide investment services or conduct other activities supervised by CNMV.
Huobi and Bybit are among the top ten companies that have received an official warning from the Spanish authorities. According to the authorities, they did not register in Spain to provide financial and investment services to the citizens of the country.
“These institutions are not registered in the relevant register of this Commission and are not authorized to provide investment services or other activities subject to supervision by CNMV,” the regulator said in a statement.
The powers of CNMV are limited to the administrative area, so the regulator warns participants in operations on cryptocurrency exchanges that the issues of financial compensation from possible criminal actions of unregistered organizations are being resolved in court.
Analyzing the situation with the registration of operators of the Spanish cryptocurrency market, we can say that over the past two years it has not changed significantly. Like two years ago, a significant number of companies remained in the gray zone ignoring CNMV’s warnings.
Crypto trading platforms Huobi and Bybit continue to be closely monitored by regulators. Thus, the Bybit exchange stopped serving British traders due to the ban of the UK Financial Conduct Authority (FCA). And, the Huobi exchange, amid pressure from numerous regulators, was forced to stop trading in derivatives in 11 countries.
The list of cryptocurrency companies that have received warnings from regulators about the need to obtain licenses is constantly expanding. Earlier, Binance, Coinbase, KuCoin, LocalBitcoins, LocalEthereum, Changelly, ShapeShift and others received their share of warnings.
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