Spain’s Watchdog Issues a Notice Against Crypto Exchanges Bybit and Huobi for Unauthorized Operation

Spain’s financial regulator, the National Securities Market Commission (CNMV), has issued a warning notice against 12 companies that include cryptocurrency exchanges Bybit and Huobi.

According to the notice, the warning has been given because these institutions are not registered in the corresponding registry of this Commission, and as such, they are not authorized to provide investment services or other activities subject to the government agency’s supervision.

However, it does not necessarily mean that activities are suspended, reported the local publication. It said that commission warnings are common and are executed as a measure to prevent possible cases of scams. In late 2019, CNMV had also warned about four unauthorized entities operating in Spain.

Besides Huobi and Bybit, other companies mentioned in the notice include The Market Limited, Skyway Capital, Profit Assist, N2 Group, Markets EU, Markets Cube, Liberty Sky, Financial Resident, Expertise Trader, and Dsdaq Market.

In the Bitcoin futures market, both Huobi and Bybit are among the top five in volume and account for 5.87% and 11.75% of the open interest on Bitcoin futures' market share respectively.

In the spot market, TokenInsight estimated Huobi's trading volume at $1.16 trillion in the second quarter, beaten only by Binance's $3.57 trillion. However, the value of its native token HT burned dropped 54% from June to $22.3 million, which the exchange said is a “natural response” to market trends.

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