To protect its citizens from the activities of fraudulent online trading platforms, the Spanish National Securities Market Commission (CNMV) has updated their blacklist of warned websites.
Sadly, the newly updated list includes companies that claim to be offering cryptocurrency exchange services to people. One of them, Blonde Bear OÜ is reportedly registered under Black Parrot Ltd. but does not have any operating license from the Spanish regulators.
Information from the list shows that the exchange has its websites parked at trade111.com and tradex1.com, while could also deduce from one of their pages that the platform is promising a 50% bonus on deposits, a trait that makes it look scammy.
Another popular platform on the blacklist is Dax300.com which is registered under Brown Fox Ltd. This exchange is also said to be operating without a license from the Spanish National Securities Market Commission (CNMV). The company is involved in Forex, trading of contracts for difference (CFD) tracking cryptocurrencies, and other commodities.
Global Regulators Protecting Citizens From Fraudsters
The latest development in Spain marks the most recent in efforts made by regulators in different countries to save its citizenry from fraudulent cryptocurrency schemes.
Stmarket.co reported in December that Belgium’s Financial Services and Markets Authority (FSMA) has a list of 113 scam crypto sites. Within the same period, cryptocurrency schemes Bitsurge and Green Energy Certificates were marked as fake by the Commissione Nazionale per le Società e la Borsa (CONSOB), a regulatory body for the Italian securities market.
In the U.S, the Securities and Exchanges Commission has listed many Initial Coin offerings (ICOs) as fraudulent and even prominently fining celebrities Dj Khaled and Floyd Mayweather for promoting such projects.
More recently, the Australian Securities and Investments Commission (ASIC) froze assets belonging to John Biggaton who allegedly led the BitConnect cryptocurrency scheme which shook the industry in early 2018.
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