CNMV announces warnings on entities providing unauthorized services

The Comisión Nacional del Mercado de Valores (CNMV) has announced a list of warnings from international supervisors concerning unregistered entities providing financial and/or cryptocurrency services. The warning was published on the CNMV's official website on February 19, 2025.

According to the CNMV, the warnings pertain to unregistered entities offering financial or crypto services, including Smtrobo, Xm-signals.com, Trc Markets, American Caritas Credit Union, Htfxh.com, Aurora Finanzen, Leo, Rmtfinancial, Quantumwins, Nexusbit Exchange, Pioneer Markets, and Edge Crest Investment. Alerts have been issued by Austria’s Financial Market Authority (FMA), the Netherlands’ Authority for the Financial Markets (AFM), and Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).

The CNMV issues these 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. Some unauthorized firms falsely use CNMV's name to present themselves as legitimate, leading to a misleading sense of security. The commission also collaborates with foreign regulators to share warnings about such entities with the aim of informing investors and reducing risks. "The CNMV offers a search engine for investors to verify whether an entity is authorized," says the CNMV.

Get the Newsletter

Sign-up to receive weekly round up of news from Crypto Republique

DataBitlaw reports that 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). "The adjustment reflects the alignment of these entities with EU regulatory requirements during the grandfathering period," according to DataBitlaw.

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 while focusing 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. The commission actively engages with international organizations like IOSCO (International Organization of Securities Commissions), ESMA (European Securities and Markets Authority), and FSB (Financial Stability Board).