The Spanish regulator Comision Nacional del Mercado de Valores (CNMV) has issued warnings against unauthorized online trading companies. The companies are Neo Trade Global Investments Ltd., AI Operator Artificial Intelligence Finance, Bali Limited, and White Sea Limited.
The CNMV accuses the named forex and binary options trading companies of soliciting clients and/or providing them with financial services despite not being authorized. Consequently, the firms have been found in violation of the second paragraph of Article 17 of the Securities Markets Law.
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Over the last few months, there have been a number of instances in which the Spanish regulatory authority warned traders of companies running illegal operations. In June, the CNMV released statements regarding Wing Pegasus S.L. and an individual identifying himself as D. Ricardo Cáscales Monge. The Spanish financial watchdog warned that the two are not authorized to offer financial services in Spain. Furthermore, Mr. Monge and Wing Pegasus S.L. seemed to be somehow affiliated, though the nature of the link between them has not been discussed.
In May, the CNMV added two more online trading firms to its blacklist – Binary Options Robots and the forex and CFDs broker Alpha Group. These have been operating while unlicensed and unregulated, as well. The Spanish regulatory body had advised traders against signing up and investing funds with these financial entities.
The CNMV has registers naming the brokerages that are authorized to offer financial services, and strongly advises traders to check them before dealing with a firm.