Spain Cracks Down on Unlicensed Crypto Firms
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Spain Cracks Down on Unlicensed Crypto Firms

Spanish financial regulator publishes list of 18 unregistered companies illegally providing crypto investment services.

Spain Cracks Down on Unlicensed Crypto Firms
The National Securities Market Commission (CNMV), Spain's top financial regulator, published a list on Monday of 18 companies allegedly operating in the country without proper licensing. The list includes several cryptocurrency companies such as Bitbinx, Crytomerge and CryptoMaxiTrade.

CNMV mentioned that its powers are limited but suggested concerned investors could pursue legal action. The warning comes even as cryptocurrency adoption continues to grow rapidly in Spain.

"These companies are not authorized to provide investment services or activities subject to the supervision of the CNMV,” the regulator asserted in its notice.

According to CNMV's registry, 30 companies obtained virtual asset service provider licenses last year, bringing the total to 83. Major players like Binance, Bitpanda, and are among those licensed to operate.

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