Rodrigo Buenaventura, president of the National Securities Market Commission (CNMV) of Spain, spoke about the advertising on the internet of platforms suspected of fraud or of operating without a license that offer investment services with bitcoin (BTC) and other cryptocurrencies.
The president of the regulatory body expressed that “it is not admissible for internet companies to profit by charging for advertisements from suspicious investment firms, which appear on the warning lists of the CNMV or other international organizations.” said to the newspaper El País.
The list Buenaventura refers to is the so-called “gray list”, which includes platforms suspected of fraud or operating without a license, a fact reported by CriptoNoticias.
Among the companies that stand out for incurring in the alleged irregularities are Binance, Coinbase, Kuailian, Sports Gains or IM Mastery Academy, the latter under suspicion of scam.
The document lists 89 companies that do not have the endorsement of the regulator. However, the inclusion of these platforms does not imply prohibitions or blocking of websites. It just means no have authorization from the CNMV to attract investment.
Likewise, Buenaventura stated that regulating advertising “is not at all sufficient, but rather a rule that goes to substance is necessary.” He also reported that they are working on a European regulation that will address the risks associated with crypto assets, although it will take several months to become a reality.
The same old words about bitcoin
The speech about bitcoin and cryptocurrencies remains the same for the president of the CNMV.
Buenaventura advised that at the time of invest in cryptocurrencies, it is important “to be extremely cautious because they are assets with very different risks from those we are used to”.
Recently, the Spanish official spoke about bitcoin, and assured that “it will cease to be profitable” as a speculative asset if it is massively adopted as a payment method. This is logical, considering that the massiveness of its use, probably makes volatility decrease and the market agrees on a more stable price for BTC.