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Officials of Spain Have Issued Warning on Bybit and Huobi Cryptocurrency Exchanges

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Aug 18, 2021

If you have been in the cryptocurrency industry even for the past twelve months, then you would know exactly how the government officials cryptocurrency industry. From time to time, the cryptocurrency industry tends to gain the attention of government officials and regulatory authorities.

When this happens, all the regulatory authorities and government officials want is to taken down the cryptocurrency industry. From time to time, governments from different countries find a reason or an excuse to blame the cryptocurrency industry.

Although the government officials target the entire cryptocurrency industry, the cryptocurrency exchanges are on the highest priority. The cryptocurrency exchanges end up getting heavily criticized by regulators and government officials.

The way the government officials do it is that they criticize the cryptocurrency industry for being highly volatile and having no physical value. After setting the base, the government officials move on with their strategy of intimating the local investors about the risks of investing in cryptocurrencies.

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This way, the government officials have managed to move many of their local investors to different kinds of trades than cryptocurrencies.

This time, it is the National Securities Market Commission (CNMV) of Spain that has come into motion against the cryptocurrency industry. However, instead of targeting the entire cryptocurrency industry, the particular commission has gone after particular businesses. These businesses include several financial and cryptocurrency markets.

The warning that the particular commission has issued is for the unregistered services these particular businesses are currently involved in providing the Spanish locals.

According to the document released by the CNMV, there are 12 particular entities against which the warning has been issued. The warning from the commission’s end was launched for the particular entities on Monday, August 16, 2021.

The firm has announced that these particular firms have been providing their services and operating in Spain without being registered. The commission has mentioned that the 12 particular entities are not authorized to provide their services in Spain.

The document released by the CNMV has specifically talked about two particular entities that are Bybit and Huobi.

In the document released by the CNMV, it has been confirmed that only the authorized cryptocurrency-related firms are allowed to operate in the country. If they are not registered, then they cannot provide any kind of services involving cryptocurrencies.

The CNMV has made all of the information available through its consulting page where the locals of Spain can visit and go through all the information.

Although the commission has highlighted the exchanges in the warning it has issued, it does not have the direct authority of taking action on them. This means that despite the exchanges operating unauthorized, it does not have the authority of banning them or their operations.

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