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Spain’s CNMV blacklists Grand Capital, BinaryMate, FXTPremium, and more

Jul 11 2019
By
Jonathan Smith

 

Spain’s financial regulator, the CNMV, updated its warning list with a number of unregulated brokers on Monday: Grand Capital, BinaryMate, FXTPremium, VideForex, HQ BROKER, WellingtonInv, GlobalBCM. BitcoinTrader, and Smart Capital Advisor. These entities are not authorized to provide investment services or investment advice in Spain, the CNMV said. 

 

Actually, all of these brokers brokers are registered offshore, and are therefore not allowed to operate on any regulated financial market, not only in Spain. Besides, some of them actually offer trading in binary options, which is now banned across the European Union and the EEA.     

 

For example, Grand Capital, which offers trading in both forex and binary options is registered in the Seychelles. Although it also holds a license with the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, it does not entitle it to operate in the EU.

 

BinaryMate offers trading in binary options and appears to be a classic scam broker. It is currently registered in the Seychelles, and was also blacklisted by France’s financial markets regulator AMF.

 

FXTPremium is a brand of the notorious offshore company Silver Wolf Limited. It runs a number of brands, most of which are present in the warning lists of one or several European financial regulators.  PremiumTradesMarkets, FXTrade777, HighFxMarkets, TradeGL, DeltaFxMarkets, and more.

 

The other brokers blacklisted by the CNMV earlier this week are VideForex, HQ BROKER, WellingtonInv, GlobalBCM, and BitcoinTrader

 

The CNMV regularly issues warnings against unregulated brokers targeting local investors and also maintains a register with investment companies that are authorized to operate in Spain. Earlier this month, the Spanish financial regulator blacklisted Traderia, Gainsy, ECNpremium, BinaryCent, Capital TradeFX, among others

 

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  warning  Grand Capital  BinaryMate  FXTPremium  VideForex  HQ BROKER  WellingtonInv  GlobalBCM. BitcoinTrader  Smart Capital Advisor  Spain  scam 
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