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Spanish Securities and Exchange Commission issues warnings to 12 companies

Spanish Securities and Exchange Commission issues warnings to 12 companies, including cryptocurrency exchanges Huobi and Bybit. These warnings are for providing financial services without registering with authorities.

Warning, Not a Ban

The warnings do not imply that the exchanges will face a ban from the nation, but they are a warning, nevertheless. According to its website, Spain’s SMC has only administrative powers and appeals to the court system to penalise the businesses.

Spanish-language website CriptoNoticias reports that the notice intends to notify operators and consumers.

Others in the list

The list also includes crypto exchanges Dsdaq Market, Markets Cube, Expertise Trader, trading platforms Markets EU, Profit Assist, Financial Resident, Australian investment business Liberty Sky, crypto token issuer N2 Group, and The Market Limited.

Authorities throughout the world are putting pressure on crypto exchanges.

In July, Huobi’s income is likely to have taken a blow as a result.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.