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Spain’s CNMV warns HispaMarkets and Gallant Finance are not regulated

May 15 2019
By
Jonathan Smith ,

 

The Comision Nacional del Mercado de Valores (CNMV) has published a statement earlier this week, warning local investors against doing business with HispaMarkets and Gallant Finance. Both forex brokers are not authorized to provide investment services or investment advice in Spain, the CNMV said.

 

HispaMarkets is an offshore broker that targets mainly Spanish-speaking customers and has very low credibility level. The other brand of the company Hispa Mkts LTD, 1000 Extra, seems to have scammed a lot of people, mainly from Latin America, so we doubt that HispaMarkets is any different. 

 

The other broker CNMV warned against, Gallant Finance, is also registered in Saint Vincent and the Grenadines, which means that it Is not entitled to operate on any regulated market, including 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.

 

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. Previous month the Spanish regulator warned against BrokerYard, Capital245, CryptoEU, Pepperdyne, and UproFX.

 

TAGS: CNMV  warning  HispaMarkets  Gallant Finance  Spain  regulation 
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