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CCTMarket, JustForex, and PVP Markets end up on CNMV’s warning list

Jul 30 2019
By
Jonathan Smith

 

Spain’s financial watchdog, the Comision Nacional del Mercado de Valores (CNMV), flagged CCTMarket, JustForex, and PVP Markets on Tuesday.

 

The official warning reads that "these institutions are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services.”

 

As a matter of fact, all three brokerages blacklisted by the CNMV are registered in Saint Vincent & the Grenadines, an offshore zone where forex businesses are not regulated. Curiously, the local Financial Services Authority (FSA) itself stated that it does not grant any licenses to forex brokers, nor “does it regulate, monitor, supervise or license international companies, which engage in such activities”. In addition, the FSA warned that some companies falsely claim to be registered or licensed by the it and that “their purpose for doing this is more than likely for illicit reasons”.

 

Therefore, CCTMarket, JustForex, and PVP Markets, as well as all the other offshore brokers, are not entitled to provide financial, nor investment services on any regulated market, such as the US, Canada, Japan, or the EU, Spain included.

 

Spain’s CNMV regularly issues warnings against unregulated brokers targeting local investors. Earlier this month, it blacklisted Grand Capital, BinaryMate, FXTPremium, VideForex, HQ BROKER, WellingtonInv, GlobalBCM, BitcoinTrader, and Smart Capital Advisor. The commission also maintains a register with investment companies that are authorized to operate in Spain. In order to operate legally in the country, forex brokerages need a license by the CNMV itself or the relevant authorities of another EU Member State.

 

TAGS: CNMV  CCTMarket  JustForex  PVP Markets  warning  Spain  scam 
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