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Spain’s CNMV updates its warning list with a bunch of shady brokers

 

The Comision Nacional del Mercado de Valores (CNMV) has updated its warning list with BrokerYard, Capital245, CryptoEU, Pepperdyne, and UproFX, among others, earlier this week. According to the Spanish financial watchdog, these entities are not authorized to provide investment services in the country.

 

Actually, none of the above-mentioned brokerages is authorized to operate on any regulated financial market:

 

-BrokerYard seems based in the UK, but is not licensed by the local Financial Conduct Authority, nor by any other EU regulator. The CNMV has listed TECHOFIN LTD as the entity operating the brand, while previously the broker’s website featured the name of another company,

 

-Capital 245 is allegedly owned and operated by Elit Property Vision Ltd., a company associated with RichmondFG, which was recently blacklisted by Italian financial regulator CONSOB. Previously, the broker claimed to be operated by Bulgarian based BALI LIMITED and SolutionsCM LTD, which have become notorious in the trading world, as both of them are blacklisted by several European financial regulators.

 

-CryptoEU  and Pepperdyne  are both offshore brokers (registered on the Marshall Islands and St. Vincent and the Grenadines, respectively). Although they are not entitled to operate in Spain, nor on any regulated financial market, these brokers have illegally targeted Spanish investors.

 

-UproFX is an Estonian broker, however the company behind it, Yield Enterprise Currency Software OU, is not licensed by the local Financial Supervision Authority, nor by a similar financial watchdog in another EU country. Besides, judging by the numerous user complaints, UproFX seems to have swindled a lot of investors out of their money.

 

It seems that the forex market is plagued with scammers. That is why financial regulators across the globe advise traders to deal only with legitimate firms that hold the proper licenses. 

 

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. 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  BrokerYard  Capital245  CryptoEU  Pepperdyne  UproFX  Spain  scam 
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