The National Securities Market Commission, Spain’s chief securities regulator, has issued warning notices against Huobi and some 12 cryptocurrency firms operating in the country after finding them to be operating without the required registration with local authorities. In the latest crackdown from the Spanish authority, the commission issued the warnings as an alert to consumers and operators to encourage the operators to legitimize their status in the country as soon as possible.

Crypto businesses need to be licensed. 

The move follows the introduction of a requirement for cryptocurrency exchanges and other types of digital currency businesses to register with the authorities before operating in the country. However, while the Securities Market Commission has administrative powers to oversee the sector, it lacks enforcement powers to sanction firms without applying to the Spanish justice system. As a result, the warnings do not mean the exchanges are banned or prevented from trading in the country but are instead being ‘named and shamed by the regulator in a bid to encourage their timely compliance. 

Huobi, Bybit, Dsdaq Market, among other crypto exchanges in the list. 

The list of companies featured in the alert is digital currency exchanges Huobi, Bybit, Dsdaq Market, Markets Cube, and Expertise Trader. It also includes trading platforms Markets EU, Profit Assist, and Financial Resident, an Australian investment company Liberty Sky and crypto token issuer N2 Group, as well as The Market Limited. The move from the regulator comes against a tightening by international regulators on digital currency operators, with exchanges and other cryptocurrency businesses facing increasing pressures from authorities in their home countries.

Jai

Jai Pratap

A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Tell us about you

Find us at the office

Czerniakowski- Abodeely street no. 60, 49490 Hamilton, Bermuda

Give us a ring

Bartlomiej Stobierski
+11 189 505 54
Mon - Fri, 11:00-22:00

Say hello