TL;DR Breakdown
- Regulators in Spain issue warning to Huobi, Bybit and 10 other exchanges.
- Crypto industry continues to face crackdown from regulators globally.
Regulators in Spain are the latest to crack down on ‘illegal’ crypto activities in the country.
Spain’s Comisión Nacional del Mercado de Valores (CNMV), in charge of regulating the securities market in the country has warned popular crypto exchanges Huobi and Bybit and 10 other exchange firms for operating in the country without proper registration.
The other exchange firms warned by regulators in Spain include Dsdaq Market, Markets Cube and Expertise Trader; crypto token issuer N2 Group; trading platforms Markets EU, Profit Assist and Financial Resident, among others.
CNMV holds that all these exchanges are not authorized to provide investment services in Spain.
“According to CNMV records, 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 regulators’ notice read.
It is important to note that the CNMV, only has administrative power in the country and cannot enforce any binding action on the exchanges it has warned. A judicial order has to be passed before the regulator can enforce any sanction whatsoever on firms operating in Spain. However, the warning will alert Spanish consumers about the legality of these platforms.
Beyond regulators in Spain, crackdown and crypto industry
The crypto industry globally has continued to deal with crackdowns regardless of the country. It appears crypto firms and exchanges have an amiss battle with regulators.
Number one crypto exchange Binance has been in the eye of the storm as far as regulation is concerned in the crypto world. The gargantuan exchange is being attacked by regulators in different countries. Binance is obviously not the only exchange affected as the case in Spain portrays. Bybit and Huobi are also big names in the crypto space being hunted.
Earlier, the Japanese Financial Services Agency (FSA) issued a similar warning against Bybit, alleging that the Singapore-based exchange is running unlicensed operations in the country.
Several other exchanges in other countries are also facing the same challenge with regulators in their host countries. Crypto companies appear to be having many issues with regulators globally for a plethora of reasons we cannot adequately place currently.
