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CNMV Issues Warning on 23 New Spanish Forex Scammers

CNMV Issues Warning on 23 New Spanish Forex Scammers

January 14, 2019 | AtoZ Markets –  On Monday, the Spanish National Securities and Market Commission (CNMV), made a significant update to its list of warnings. The government agency responsible for the financial regulation of the securities markets in the country added 23 organizations that operate in the country without permission.

CNMV Warning List is Impressive

Fraud is constantly present in the currency (forex) and cryptocurrency industries. Atoz Marketz periodically delivers warnings the global financial regulators against scammers in the forex and crypto sector. However, the financial authority rarely warns against 23 separate organizations in one day. Some of the new companies mentioned in the CNMV alert list include BROWN FOX LTD, also known as Dax300.

According to the official website of the company, Dax300 is an online broker that allows people to exchange contracts for difference (CFD) for forex, cryptocurrency and commodities. However, according to the new CNMV warning, the aforementioned broker works in Spain without a permit and investors should avoid dealing with this firm.

Black Parrot Ltd, also known as the Blonde Bear OU, was also marked by the Spanish regulator as scam. The company that claims to be the operator of forex and crypto platforms located on the domains TRADE111.COM and TRADEX1.COM.

This is not the first time Black Parrot has fallen under the regulator’s radar.

Last year, in June the Polish Financial Supervision Authority (“KNF”) issued a warning on the aforementioned company which was operating without a license in Poland. CNMV also warns investors about BNP. Another well-known company on the CNMV alert list is TRADEBNP, which claims to be “one of the most innovative brokers in the Forex market” through its website https://www.tradebnp.com. In addition to the Spanish watchdog the Financial Conduct Authority (FCA) also blacklisted this company because it was operating within the United Kingdom without a license.

CNMV Crusade Continues?

Last year in November CNMV identified two illegal trading platforms, operating without license in Spain. In its report, CNMV stated that companies, DANISPORT SIGLO, and GUZMAN CARRERAS were suspected of certain illegal activities, named ‘boiler rooms’. MFSA and CNMV issued a warning against both unauthorized providers advising investors to avoid any contact with them.

In January CNMV announced the launch of a digital warning system for receiving messages from individuals with information about alleged violations of the rules of order in the financial market.

According to the Spanish regulator, the channel guarantees the informer protection and the quality of the data received. CNMV is also engaged in the prevention of misconduct in the securities markets.

A new Spanish regulatory communication channel was created to meet the requirements that came into force with the recent regulatory framework MiFID II. The unified system for regulating EU financial markets entered into force on January 3. In particular, this function of CNMV will contribute to the observance of the Market Abuse Regulation No. 596/2014.

According to the Spanish observer, the data obtained through this channel will be used to identify possible market violations.

This includes the illegal use of insider information and market manipulation. The new channel of communication will also be aimed at minimizing the difficulties faced by investors, as well as increasing transparency and confidence in Spanish markets.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.