Spain’s CNMV Updates Scam Warning List, Adds 23 Entities

Scams are ever-present in the financial markets and, more specifically, the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and cryptocurrency industries. This fact has been highlighted this Monday morning by the National Securities Market Commission (CNMV), a Spanish regulator, which has made a significant update to its warning list - adding 23 entities which are operating in the country without authorization.

At Finance Magnates we are reporting on warnings from global regulators against financial scams in the forex and crypto sector on almost a daily basis. However, it is rare for a financial regulator to warn against 23 separate entities in one day.

Some of the new companies mentioned on the CNMV’s warning list include BROWN FOX LTD, otherwise known as Dax300. According to its website, Dax300 is an online brokerage which allows people to trade contracts for difference (CFD) in forex, cryptocurrency, commodities and more.

However, according to the warning from CNMV, the alleged broker is operating in Spain without the proper authorization. This is an immediate red flag and residents of Spain should avoid dealing with this company.

Black Parrot Ltd, which also goes by the name of Blonde Bear OU has also been flagged by the regulator. The company, which claims to be an operator of a forex and crypto platform, can be found via the following websites - TRADE111.COM and TRADEX1.COM.

This is not the first time Black Parrot has come under a regulator’s radar, with the Polish Financial Supervision Authority (“KNF”) warning against the company for also operating without a license in Poland back in June last year.

CNMV warns against TradeBNP

Another notable company to appear on the CNMV warning list is TRADEBNP who is “one of the most innovative brokers on the Forex arena” in its own words via its website, https://www.tradebnp.com.

However, in addition to the Spanish watchdog warning against this broker, the Financial Conduct Authority (FCA) has also blacklisted this firm. Specifically, the FCA flagged the regulator because it was operating within the United Kingdom without a license, an almost identical charge to that of CNMV.

For the complete warning list of CNMV, you can go here.