Spain: Finance Regulator Blacklists Unauthorized Crypto Exchange

Spain’s finance regulator, The Comision Nacional del Mercado de Valores (CNMV), has blacklisted a purported crypto and Forex brokerage called FX Trading corporation after the CNMV determined the company was facilitating “asset” trades for Spanish investors without being licensed to do so in the country, Finance Magnates reports.

In a YouTube video, a person called ‘Phillip Han’ promotes FX Trading Corporation as a newly-launched Korean company. Han claims to be broadcasting from Brazil:

“Wherever you are I’m inviting you because (there) is gonna be happen(ing) something really big around the world…We just start to to make a lot of different business(es) with many different leaders, great leaders, around the the world and of course, me, Phillip Han, the global master distributer, the number one of this amazing company called Forex Trading Corporation. I’m inviting you to call as soon as possible…because something big is gonna be happen(ing) in three years…”

Han claims in the video that the company has a three-year plan to roll out crypto exchange business in 59 countries using an affiliate marketing program.

According to Finance Magnates, the CNMV says FX Trading Corporation contravened Article 17 of the Securities Markets Law by soliciting and providing trading services to Spanish nationals without authorization.

Like many other countries, Spain is attempting to manage the cryptocurrency investment phenomenon without comprehensive legislation.

The presence of scams, hacks and projects offered by people with little-to-no track record means that, in the current environment, investors are largely left to their own devices to avoid rip-offs.

South Africa’s Intergovernmental Fintech Working Group (IFWG), which is comprised of representatives from the Financial Intelligence Centre (FIC), Financial Sector Conduct Authority (FSCA), National Treasury (NT), South African Revenue Service (SARS) and the South African Reserve Bank (SARB), recently urged legislators in that country to enact crypto sector regulations forthwith and thereafter adjust the regulations to accommodate ‘innovation’:

“The IFWG and Crypto Assets Regulatory Working Group is of the view that regulatory action should not be delayed until the most appropriate regulatory approach has become clear, but to rather act and amend as innovation evolves. The IFWG is further of the view that, for innovation to thrive, it does not necessarily mean that lax or even no regulation should be implemented.”

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