Financial and Business News

3 Months Ago BaFin Warned against This Broker, Now CNMV Does the Same

Monday, 27/05/2024 | 09:37 GMT by Damian Chmiel
  • Linq Capital makes it onto the caution list of another European regulator.
  • It claims to be registered in a city that doesn't exist.
warning alert

The Spanish financial market regulator updated its warning list on Monday, adding ten new entities. One company in particular draws attention, as this is not the only warning it has received in recent months.

Linq Capital Added to CNMV's Warning List

On May 27, the Spanish National Securities Market Commission (CNMV) added ten new entities to its warning list, including Linq Capital, which offers FX/CFD trading with a surprisingly high leverage of 1000:1.

CNMV warning
Source: CNMV

The company claims to be registered in the UK, and its representatives allegedly suggest through cold calling that it holds regulations from popular European supervisory commissions.

However, the city where Linq Capital is supposedly headquartered, Richardschester, does not exist. Moreover, the German regulator BaFin also placed the company on the warning list in February.

Linq Capital
Source: Linq Capital

BaFin had warned that it operates without the necessary regulations. Everything indicates that Linq Capital is not regulated in Germany, Spain, or, most likely, in any other jurisdiction.

“According to CNMV records, these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services or other activities subject to the CNMV’s supervision,” commented CNMV.

The fake address of the company's main headquarters suggests that its business model is a potential fraud.

Recent Regulatory Actions

A week ago, the German market watchdog has issued another warning, regarding the website pepperstone.vip, a clone of retail broker Pepperstone GmbH. CNMV flagged similar clone of the Pepperstone FX/CFD brokerage back in 2023.

In the meantime, BaFin imposed EUR 9.2 million fine on neobanking company N26 due to deficiencies in reporting suspicious activities in 2022.

Finance Magnates last reported on the newest CNMV’s actions few months ago, when the Spain regulator issued alert on 18 unregiestered investment firms, including a mix of FX/CFD and crypto services providers.

The Spanish financial market regulator updated its warning list on Monday, adding ten new entities. One company in particular draws attention, as this is not the only warning it has received in recent months.

Linq Capital Added to CNMV's Warning List

On May 27, the Spanish National Securities Market Commission (CNMV) added ten new entities to its warning list, including Linq Capital, which offers FX/CFD trading with a surprisingly high leverage of 1000:1.

CNMV warning
Source: CNMV

The company claims to be registered in the UK, and its representatives allegedly suggest through cold calling that it holds regulations from popular European supervisory commissions.

However, the city where Linq Capital is supposedly headquartered, Richardschester, does not exist. Moreover, the German regulator BaFin also placed the company on the warning list in February.

Linq Capital
Source: Linq Capital

BaFin had warned that it operates without the necessary regulations. Everything indicates that Linq Capital is not regulated in Germany, Spain, or, most likely, in any other jurisdiction.

“According to CNMV records, these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services or other activities subject to the CNMV’s supervision,” commented CNMV.

The fake address of the company's main headquarters suggests that its business model is a potential fraud.

Recent Regulatory Actions

A week ago, the German market watchdog has issued another warning, regarding the website pepperstone.vip, a clone of retail broker Pepperstone GmbH. CNMV flagged similar clone of the Pepperstone FX/CFD brokerage back in 2023.

In the meantime, BaFin imposed EUR 9.2 million fine on neobanking company N26 due to deficiencies in reporting suspicious activities in 2022.

Finance Magnates last reported on the newest CNMV’s actions few months ago, when the Spain regulator issued alert on 18 unregiestered investment firms, including a mix of FX/CFD and crypto services providers.

Topics
Bafin
Warning
CNMV
About the Author: Damian Chmiel
Damian Chmiel
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Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

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