Spain’s National Commission on the securities market (CNMV) has warned the Huobi and ByBit crypto exchanges that the provision of investment services without the necessary license is prohibited.
The announcement also targets 10 more companies that reportedly provide unlicensed investment services.
“According to the CNMV reports, these institutions are not registered in the relevant register of this Commission and therefore do not have the authority to provide investment services or activities to be supervised by the cnmv,” the CNMV said.
Cryptography and editing
The announcement is the latest in a long line of regulatory disputes affecting the crypto industry.
Binance, the rival huobi and bybit Exchange, has hit numerous financial services regulators around the world in recent weeks and months.
The UK Financial Conduct Authority has issued a warning to consumers against Binance Markets Limited, a Binance company bought from the UK to provide crypto exchanges to potential customers.
UK regulator FCA has “major problem” in Binance headquarters absence
Regulators in the Cayman Islands, Malaysia and Italy have also issued statements claiming Binance is not registered to do business in their respective jurisdictions. Japan issued a similar warning.
In the US, Securities and Exchange Commission Chairman Gary Gensler recently spoke candidly about the risks to the crypto industry’s current regulatory situation.
“We are an investment protection agency and right now this asset class, bitcoin and the hundreds of currencies that investors trade, is a speculative asset. What we want to do is part of the basic protection against fraud and manipulation,” GENSLER said in a recent interview with CNBC.
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