12 firms including Huobi and Bybit are warned by Spain’s regulator for non-registration

Spain’s National Securities Market Commission (CNMV) issued a warning notice for 12 companies, including crypto exchanges Huobi and Bybit, for providing investment services without being registered with authorities.

Spanish securities watchdog warns 12 firms, Including Huobi, Bybit for operating without being registered

According to the statement from the authorities sent to 12 companies operating in Spain, including Huobi and Bybit, they have failed to register to provide financial and investment services to locals.

“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 warnings stated.

Based on this, the warning is meant to alert operators and consumers. The warnings do not necessarily mean that the exchanges will be banned from the country. Spain’s SMC only has administrative powers and appeals to the justice system to sanction the firms.

The list of warnings CNMV puts out against companies from the crypto landscape continues to grow. The other companies in the notice are: Crypto exchanges Dsdaq Market, Markets Cube, and Expertise Trader; trading platforms Markets EU, Profit Assist, and Financial Resident; Australian investment company Liberty Sky; crypto token issuer N2 Group; and The Market Limited.

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Source: Spain’s National Securities Market Commission (CNMV)

Digital asset trading platforms are constantly receiving blows from global regulators, facing pressure from authorities – especially Binance, the largest cryptocurrency exchange that many watchdogs have monitored. As a result, the company had to suspend some of its operations, including derivatives features in several countries, as AZCoin News reported.

Moreover, the sanction of Binance also partly shows that the authorities are eyeing crypto exchanges, and CZ’s exchange is just a warning to other platforms.

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