Huobi, Bybit among 12 unregistered digital currency firms in hot water with Spain regulators

The National Securities Market Commission, Spain’s chief securities regulator, has issued warning notices against some 12 digital currency firms operating in the country, after finding them to be operating without the required registration with local authorities.

In the latest crackdown from the authority, the commission issued the warnings as an alert to consumers and operators, in a bid to encourage the operators to legitimize their status in the country as soon as possible.

The move follows the introduction of a requirement for digital currency exchanges and other types of digital currency businesses to register with the authorities before operating in the country. However, while the Securities Market Commission has administrative powers to oversee the sector, it lacks the enforcement powers to sanction firms, without application to the Spanish justice system.

As a result, the warnings do not mean the exchanges are banned or prevented from trading in the country, but are instead being ‘named and shamed’ by the regulator in a bid to encourage their timely compliance.

The list of companies featured in the alert is digital currency exchanges Huobi, Bybit, Dsdaq Market, Markets Cube, and Expertise Trader. It also includes trading platforms Markets EU, Profit Assist, and Financial Resident, an Australian investment company Liberty Sky and crypto token issuer N2 Group, as well as The Market Limited.

The move from the regulator comes against a tightening by international regulators on digital currency operators, with exchanges and other digital currency businesses facing increasing pressures from authorities in their home countries.

The same is increasingly being applied to international operators crossing jurisdictional boundaries, with fresh requirements emerging in a patchwork fashion requiring regulation and compliance in each of the markets they are operating.

It now rests with the companies named to take steps to register with the authorities, in order to bring themselves into line with the compliance requirements in force across Spain.

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