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Spanish regulator National Securities Market Commission has warned 12 companies, including crypto exchanges Huobi and Bybit, for offering investment services without being registered with the authorities.
The warning was intended to alert consumers
According to the authorities’ statement sent to 12 companies operating in Spain, including Huobi and Bybit, they failed to register to provide financial and investment services to locals. The warning is intended to alert operators and consumers, according to a Spanish newspaper.
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.
Spain is not the only country putting pressure on exchanges
In many countries, regulators have warned Binance, for example, for offering its services without being registered with the authorities even forcing the exchange to shut down some of its services, and in the U.S. and the U.S., BitMEX has settled with the SEC for its past behavior.
Both Huobi and Bytbit will not be banned from Spain, but the list of companies warned by the CVM continues to grow with companies such as Coinbase, KuCoin, LocalBitcoins, LocalEthereum, Changelly, ShapeShift already on this list, it seems Spain is taking its regulations seriously.
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