The Spanish regulator for security has issued a warning about several crypto companies operating in the Spanish market without the necessary licenses.
The regulatory body warns that the mentioned cryptocurrency exchanges do not have permission to provide investment advisory services. It advises investors to properly inform themselves and exercise caution before starting trading on Spanish crypto platforms.
Warning for investors regarding unlicensed crypto companies
The National Securities Market Commission (CNMV) states in its report that there are 18 crypto companies operating in Spain without the necessary licenses. These companies include Top Tier Capital, BitBinx, Swiss Investment Funds, BreadInx, and Universal Trade.
The regulatory body further cautions against taking investment advice from these companies as they are not regulated by Spanish laws and are not registered with the CNMV, meaning they do not have permission to offer investment services.
Spanish crypto companies under regulatory pressure
In response to stricter regulations from the Spanish regulator, crypto companies are trying to improve their marketing strategies to ensure that investors are better informed about the risks associated with investing in cryptocurrencies.
Tighter rules for cryptocurrency promotion
In November 2023, BeInCrypto reported that the CNMV initiated disciplinary proceedings against the Spanish technology company Miolos SL (Miolos) for failing to comply with rules for promoting cryptocurrencies when the company neglected to highlight the risks associated with cryptocurrencies.
Similar steps have been taken by the British Financial Conduct Authority (FCA), which introduced rules targeting crypto companies for promotion.
The FCA has issued a more than 200-page guide that explains in detail the procedures and regulations that crypto companies must adhere to when promoting their digital services. Although crypto companies typically use traditional marketing channels such as sponsorship at major events or advertisements in television and print, the new guidelines bring some exceptions to these conventional methods.
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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“