Bitpanda became another victim of fraudulent clone activity.
Spanish CNMV urges retail traders to exercise extreme caution.
(Photo: Bloomberg)
The Spanish
financial market regulator, The National Securities Market Commission (CNMV),
released a warning list today (Monday) about unregulated entities offering
trading platforms for cryptocurrencies and forex to clients in Spain and
Europe. Among them is a clone of the popular digital asset exchange Bitpanda,
deceptively named Bits Panda.
CNMV Warns against
BitPanda Clone
The latest
warning list from the Spanish CNMV includes 16 entities primarily involved in
FX and crypto trading. The full list can be found in the regulator's official
document.
"According
to CNMV records, these institutions are not registered in the corresponding
registry of this Commission and, therefore, are not authorised to provide
investment services or other activities subject to the CNMV's supervision," the regulator
stated.
However, Finance
Magnates drew attention to one specific company on the list, Bits Panda,
whose name and website closely resemble that of Bitpanda, a regulated
cryptocurrency provider with a long-standing market reputation. Although
the website layout of the clone differs from the original, an investor might
think they are dealing with the "real" Bitpanda.
Website of Bits Panda, the clone of a regulated entity.
Real website of Bitpanda.
Are Clones Once Again Disrupting
the Industry?
Clone
websites were once a significant issue in the retail FX/CFDs industry and have
now become a problem for commission-free trading platforms and social and
cryptocurrency trading platforms as well.
Finance
Magnates also
reported on the widespread issue of Telegram channels exploiting the names of
well-known brokerage brands, including Plus500, eToro, and FXCM, to sell
investment signals or offer shady services. Investment scams on social media
impersonating established brands have become rampant. As an industry insider
said: "Clones are like mushrooms. You take down one, and ten more will
take its place."
The Spanish
financial market regulator, The National Securities Market Commission (CNMV),
released a warning list today (Monday) about unregulated entities offering
trading platforms for cryptocurrencies and forex to clients in Spain and
Europe. Among them is a clone of the popular digital asset exchange Bitpanda,
deceptively named Bits Panda.
CNMV Warns against
BitPanda Clone
The latest
warning list from the Spanish CNMV includes 16 entities primarily involved in
FX and crypto trading. The full list can be found in the regulator's official
document.
"According
to CNMV records, these institutions are not registered in the corresponding
registry of this Commission and, therefore, are not authorised to provide
investment services or other activities subject to the CNMV's supervision," the regulator
stated.
However, Finance
Magnates drew attention to one specific company on the list, Bits Panda,
whose name and website closely resemble that of Bitpanda, a regulated
cryptocurrency provider with a long-standing market reputation. Although
the website layout of the clone differs from the original, an investor might
think they are dealing with the "real" Bitpanda.
Website of Bits Panda, the clone of a regulated entity.
Real website of Bitpanda.
Are Clones Once Again Disrupting
the Industry?
Clone
websites were once a significant issue in the retail FX/CFDs industry and have
now become a problem for commission-free trading platforms and social and
cryptocurrency trading platforms as well.
Finance
Magnates also
reported on the widespread issue of Telegram channels exploiting the names of
well-known brokerage brands, including Plus500, eToro, and FXCM, to sell
investment signals or offer shady services. Investment scams on social media
impersonating established brands have become rampant. As an industry insider
said: "Clones are like mushrooms. You take down one, and ten more will
take its place."
Damian Chmiel is a Senior Analyst & Editor at Finance Magnates with more than 15 years of experience in the CFD and online trading industry. Active as both a trader and journalist since 2010, he focuses on broker coverage, fintech innovation, and regulatory developments across Europe, the Middle East, and Asia.
His work includes interviews with C-level leaders at major brokerages and fintech platforms, as well as co-authoring Finance Magnates’ quarterly industry benchmarking reports. Damian’s reporting is data-driven, market-aware, and grounded in direct industry engagement. His analysis and commentary have also been cited by external media outlets, including Investing.com, Binance, The Asset, Stockhead, and Dispatch.
Education:
MA in Finance and Accounting, Cracow University of Economics
IC Returns to German Football with RB Leipzig Following Haas and Tennis Deals
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