Spain Busts Crypto Multiplication Scheme, Flags YouTube and Telegram Channels

Spain’s financial market regulator has added more than a dozen new names to its warning list, including the YouTube and Telegram channel of one influencer, “Crypto Victor”. However, with only a handful of social followers, the influencer appears to be a knockoff of another popular crypto figure on the internet.

Pushing Money Multiplication Schemes

The “Crypto Victor” account flagged by the Comisión Nacional del Mercado de Valores (CNMV) has only 70 followers on YouTube and 532 subscribers on Telegram. However, the YouTube channel has just two videos available. While the YouTube channel was created in 2015, the Telegram channel has existed since September 2020.

Both the YouTube and Telegram accounts of “Crypto Victor” focus on one thing, as suggested by a message in its Telegram bio (translated from Spanish): “If you have WorldCoins and want to multiply them... you've come to the right place.”

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The Telegram channel contains multiple screenshots of customer chats and examples of how they have multiplied their WorldCoins, which appears very suspicious. A message posted earlier this month on the Telegram channel also claims that “Crypto Victor” is a “verified, licensed stockbroker,” the authenticity of which is highly questionable. Furthermore, no licence number or jurisdiction where it is regulated is mentioned.

Now, the CNMV's warning against this channel confirms that the account is offering shady services.

A Regulated Name in the List

The warning also listed 18 other names, most of which appear to be fraudulent websites claiming to offer forex and cryptocurrency trading services. However, the inclusion of Vida Markets, a contracts for differences (CFDs) broker regulated in South Africa, drew additional attention.

Finance Magnates reached out to Vida Markets but had not received a response at the time of publication.

However, it is not unusual for brokers regulated in one jurisdiction to be flagged by authorities in another. This generally happens when brokers promote their products or accept clients in countries where they are not licensed and where local authorisation is required, often triggering regulatory warnings.

“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 Spanish regulator’s warning list stated.

Spain also introduced strict restrictions on the marketing and distribution of retail CFDs in 2023, which has impacted the operations of many brokers in the country.