The Comisión Nacional del Mercado de Valores (CNMV) has issued warnings regarding entities operating without proper registration, including some providing cryptocurrency services. The warning was published on the CNMV’s official website on March 3, 2025.
According to the CNMV, several entities have been identified as operating without the necessary registration. These include Xtrading AMG AI, ADN Broker, QX Trading, Fintxpert, FXTM, Fastexchange Investing, Blockfinanxechain, and El Toro Rico. Additionally, Iberia-Capital was noted as a clone and is not connected to the registered firm Campion Capital Iberia A.V., S.A., or its UK-based parent company Campion Capital Ltd.
The CNMV issues such warnings to protect investors from unauthorized entities that provide investment services or engage in financial activities without proper registration or authorization. These entities often operate outside regulatory oversight, increasing the risk of capital loss for investors. The commission also collaborates with foreign regulators to share warnings about these entities in an effort to inform investors and reduce risks.
According to DataBitlaw, all registered Virtual Asset Service Providers (VASPs), including Binance and Bit2Me, are excluded from the CNMV grey list. This list identifies entities operating in Spain without regulatory authorization or registration as part of a regulatory update. The update applies broadly to entities that have transitioned to regulated status under the Markets in Crypto-Assets Regulation (MiCA). This adjustment reflects their alignment with European Union regulatory requirements during the grandfathering period.
The CNMV oversees Spain’s securities markets to ensure transparency, accurate pricing, and investor protection. Established by the 1988 Securities Market Law, it supervises securities issuers, investment service providers, and collective investment schemes with a focus on market stability and system solvency. It manages public records of market participants and advises both the government and Ministry of Economy on securities matters while actively engaging with international organizations like IOSCO (International Organization of Securities Commissions), ESMA (European Securities and Markets Authority), and FSB (Financial Stability Board).
