Spanish regulator issues warning to Huobi and ByBit
The Spanish National Commission for the Securities Market (CNMV) issued a notice to 12 large firms whose activities are directly related to digital currencies, due to the lack of a valid license.
European regulators continue to “attack” crypto companies. According to CNMV, the firms mentioned in the official statement of the regulator, including the largest cryptocurrency exchanges Huobi and ByBit, operate to provide financial services in Spain without a license. In addition to them, N2 Group, Expertise Trader, The Market Limited, Dsdaq Market, Profit Assist, and others came under scrutiny.
Earlier in the report of the Spanish resource CryptoPlaza for November 2020, it was noted that more than 120 crypto companies have already received licenses in the country due to the rather friendly attitude of local departments to the new asset class. How much their number has increased this year has not yet been specified. Although, given the bullish rally, it can be assumed that this number has at least doubled.
Recall that in February, the British financial regulator issued a warning about the restrictions on the ByBit crypto exchange, and a little later switched its attention to Binance.
Of course, the warning does not mean that the work of the companies that receive it will be immediately terminated. The Spanish regulator has not so many executive powers and, if the notifications are ignored, it may try to prohibit the activities of an organization solely by judicial means. In parallel with this, he can impose certain sanctions on the company. However, this also includes prior legal action. Therefore, firms should have enough time in reserve to solve the problem with licenses.
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