Spanish Regulator Warns Crypto Exchanges Huobi, ByBit of Operating Without License

Spain’s National Securities Market Commission (CNMV) has warned crypto exchanges Huobi and ByBit that they are providing investment services without the requisite license. 

The announcement also targets an additional 10 firms that are allegedly providing investment services without a license. 

“According to CNMV records, these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services or other activities subject to the CNMV’s supervision,” the CNMV said in a statement. 

Crypto and regulation

This statement is the latest in a long line of regulatory controversies impacting the crypto industry. 

Binance, a rival exchange of Huobi and ByBit, has been hit by multiple financial services regulators around the world in recent weeks and months. 

The UK Financial Conduct Authority issued a consumer warning against Binance Markets Limited, a Binance entity that was acquired to own and operate a crypto exchange for would-be UK customers. 

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 has issued a similar warning statement too. 

In the U.S., Securities and Exchange Commission chairman Gary Gensler has recently been clear about the risks the crypto industry poses in its current regulatory state. 

“We’re an investment protection agency and right now, this asset class, Bitcoin and the hundreds of other coins that investors are trading at, is a speculative asset. What we want to do is provide some of the basic protections against fraud and manipulation,” Gensler said during a recent interview with CNBC.

17 August 2021 09:51