The Comisión Nacional del Mercado de Valores (CNMV) has issued warnings about unregistered institutions that are unauthorized to offer investment services or related activities, including cryptocurrency services. The warning was published on the CNMV’s official website on February 17, 2025.
According to the CNMV, several entities have been flagged for operating without proper registration or presenting misleading information. These include trader-master.com (clon), ACMJ (mobile app), adrofx.com, blumbergtrade.com, cryptoes4u.io, fxrk.com, 2bfx.eu, stocket.net, and Trade Republic Bank (clon). The latter has reportedly used fraudulent email addresses to impersonate employees of Trade Republic Bank GMBH.
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. To avoid confusion, some unauthorized firms falsely use the CNMV’s name to present themselves as legitimate, leading to a misleading sense of security. The CNMV also collaborates with foreign regulators to share warnings about such entities in an effort to inform investors and reduce risks. According to the CNMV, it offers a search engine for investors to verify whether an entity is authorized.
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. According to DataBitlaw, this update applies broadly to entities that have transitioned to regulated status under the Markets in Crypto-Assets Regulation (MiCA). The adjustment reflects these entities’ 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. Created 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 the government and Ministry of Economy on securities matters while actively engaging with international organizations like the International Organization of Securities Commissions (IOSCO), European Securities and Markets Authority (ESMA), and Financial Stability Board (FSB).
