Sunday, September 25

An unlicensed company and financial bars drive the cryptocurrency macro-event presented by Pedroche

The macro-event that will be held this Saturday in Madrid to promote cryptocurrencies, presented by Cristina Pedroche and Jorge Fernández, is organized by a company without a license to attract investors and several of its sponsors are classified as financial beach bars by the National Securities Market Commission (CNMV). This has been alerted by the financial regulator this Tuesday, concerned about the presence of several television figures in an act to encourage crypto investments.

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The main organizer of the event is the company Mundocrypto and is included in its “grey list” since July 2021. This list “reports entities that do not have any type of authorization or are registered for any purpose with the CNMV and that could be carrying out some type of fundraising activity or providing a service of a financial nature”, highlights the body.

“The CNMV recalls that it already warned in 2021 that Mundocrypto does not have any type of license to advise on financial instruments or intermediate investment operations on financial instruments,” it reiterates about the main organizer.

The situation worsens when reviewing the sponsoring companies of the event. Huobi, Bitget Y bybit They are classified by the CNMV as unregistered entities or “financial beach bars”. In any case, the regulator advises against resorting to the investment services of these entities.

Cristina Pedroche and Jorge Fernández will not be the only well-known personalities who will speak at the congress. Pablo Chiapella and Macarena Gómez, actors of the series the one that is coming, will perform a humor sketch during the event. Rapper Maikel Delacalle will perform live and a magic show with Julius Dein is also scheduled. Economists Daniel Lacalle and Juan Ramón Rallo, who collaborate with several media outlets, will also take part in the act.

We hope that at that event and the experts and celebrities who present and intervene, the attendees are properly informed and informed about the risks of investing in crypto assets.

National Commission of Markets and Competition

This presence of figures with high media impact and artists worries the Spanish financial regulator, which has been warning for years that cryptocurrencies are not an appropriate investment for people without financial knowledge due to their high volatility. “We hope that at that event and the experts and celebrities who present and intervene, attendees will be properly informed and informed about the risks of investing in crypto assets, especially now that so many investors are seeing their money disappear by investing in these unregulated and unregulated assets. guarantees”, asks the CNMV in a statement sent to this medium.

The macro-event will be held at the WiZink Center, one of the largest capacity venues in the entire capital. The organization has announced that some 7,000 attendees will attend and boasts that it will be “the largest cryptocurrency event in the world.” has contacted the promoters, who have preferred not to position themselves regarding the CNMV alert.

This Saturday will be the third edition of the Mundocrypto macro-event, which ensures that it is focused on training. The 2021 event was also controversial after the director of the company, a crypto guru known as Mani Thawani, announced that he was going to invest one million euros in an emerging cryptocurrency during the event, an investment that ultimately did not take place. The company charged 100 euros to virtual attendees to the event, despite the fact that the connection link was later shared openly on the Internet.

“Crypto winter”

The celebration of the congress also coincides with the largest period of price decline of all types of crypto assets since 2020. Bitcoin has lost 70% of its value since its all-time highs and has dragged the entire sector with it, from crypto miners whose activity is no longer profitable until investors in NFTs, whose prices have fallen by up to 90% compared to the summer of 2021.

The situation has caused corralitos in several trading platforms, which have frozen the assets of their users and do not allow them to withdraw their funds. One of the largest investment funds specialized in cryptocurrencies has also been forced to declare bankruptcy. The industry is calling this period a “crypto winter” that it fears could last several years.