The Comisión Nacional del Mercado de Valores (CNMV) has issued warnings regarding certain entities operating without proper registration, including some offering cryptocurrency services. The warning was published on the CNMV’s official website on February 25, 2025.
According to the National Securities Market Commission (CNMV), unregistered entities such as iMarkets Trade, iMarkets Trade (UK) Ltd, iMarkets Trade (EU) Ltd, and iMarkets Trade Global have been flagged. Other entities include Grecco Investments, Quintessential Business Network Ltd, gdmaxsfx.com, Blue Whale Capital Ltd, Toro Capital Trade, CoinDex Ltd, Elegantopex, Cash Decision, Cripto Hugo, and ProQuantum AI. These organizations are noted for operating without proper registration or authorization. The CNMV advises investors to exercise caution.
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. The commission also collaborates with foreign regulators to share warnings about such entities to inform investors and reduce risks.
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 while focusing on market stability and system solvency. It manages public records of market participants and advises the government and Ministry of Economy on securities matters. Additionally, it actively engages with international organizations like IOSCO (International Organization of Securities Commissions), ESMA (European Securities and Markets Authority), and FSB (Financial Stability Board).
