Spain’s CNMV Warns of 8 Unregistered Forex, CFD Firms

Spain’s
National Securities Market Commission (CNMV) has issued fresh warnings about eight financial companies promoting investment services without proper
registration. These firms lack authorization from
the CNMV to operate in Spain legally.

Spain’s CNMV Flags 8
Unregistered Forex and CFD Entities

The CNMV
stated that the companies mentioned in the latest warning are not registered in
Spain to provide financial services or investment activities. Under local
regulations, firms must register with the market watchdog before legally
operating in the country.

The
following companies were named in the CNMV warning:

• fame-traders.com
  (Fame Traders)
• globefx.io
  (Globe Fx)
• protrade24.net
  (Protrade24)
• tradingero.es
  (Tradingero)
• assetivax.com
  (Assetivax)
• aifmd.info,
  aifmd.xyz (Aifmd)
• smart-limited-group.com
  (Smart Limited Group)
• capitalmgmgroup.com,
  capitalmgm.com (Capitalmgm)

The above
list includes a mix of companies offering access to trading platforms and
automated bots aimed at FX and cryptocurrency investors.

Warnings from #CNMV on unregistered institutions: https://t.co/5OrAZfgBVE

— CNMV (@CNMV_MEDIOS) June 10, 2024

The Spanish
regulator is among the most active in the European market in informing about
illegally operating entities. In recent months, it has warned about clones of
popular investment firms and drawn attention to the unlicensed activity of
companies in the forex and contracts for difference (CFD) sector.

In the most recent move, it warned against Linq Capital, a broker that had been under European regulators’ scrutiny several months ago. The German BaFin, among others, had warned about its activities in February.

Spain
recently expanded its restrictions on the marketing, distribution, and sales of
CFDs, banning practices aimed at retail clients and the general public. European
authorities deemed these measures justified and proportionate, aiming to
enhance investor protection in the face of aggressive advertising campaigns by
some brokers.

This article was written by Damian Chmiel at www.financemagnates.com.



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