CNMV announces warnings on unregistered financial and crypto entities

The Comisión Nacional del Mercado de Valores (CNMV) announced it had issued warnings about unregistered financial and crypto entities operating without proper authorization. The warnings were published on the CNMV's official website on April 14, 2025.

According to the CNMV, several entities, including argonintgroup.com, qfs.best, and valorica.io, among others, have been flagged. These entities, listed with names such as Quantum Financial System and Nexus 500, are not registered with the CNMV and are unauthorized to offer investment services or other regulated activities. Additionally, the CNMV has cautioned against entities operating via social media networks and apps like MSinversión and Medallon AI (CLON), which have no connection to legitimate investment firms in Spain.

The CNMV issues 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, which increases the risk of capital loss for investors. The commission also collaborates with foreign regulators to share warnings about such entities, aiming to inform investors and reduce risks.

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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, the update applies broadly to entities that have transitioned to regulated status under Markets in Crypto-Assets Regulation (MiCA). The adjustment reflects the alignment of these entities 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 while focusing on market stability and system solvency. It manages public records of market participants, advises the government and Ministry of Economy on securities matters, and actively engages with international organizations like IOSCO (International Organization of Securities Commissions), ESMA (European Securities and Markets Authority), and FSB (Financial Stability Board).