Among the warnings of the CNMV, are the ads of pirate companies that take advantage of the fever for what the institution calls the “fashionable asset”: cryptocurrencies.
As we know – we all live it every day – there are many pirate companies or financial chiringuitos that are doing their business and making money with ads on search engines such as Google or social networks calling people to invest investing is when you put money in a financial scheme with the intent of making a gain. in them, either with cryptocurrencies, Forex trading and other types of investments. We know that innocent people fall into their game and do not realize that they have fallen for a scam until they lose their money. And, even if the victims report them, these companies continue to advertise in social networks.
But now the National Securities Market an area or arena, online or offline, in which commercial dealings are conducted. Commission (CNMV) of Spain seeks to put an end to advertising in search engines and social networks of the so-called ‘financial chiringuitos’.
This was announced by the Chairman of the CNMV, Rodrigo Buenaventura, during the event Supervisor, Cryptoassets and Advertising: good practice in the sector’, organized by theAsociación Española de Fintech e Insurtech (Aefi). There, Buenaventura has warned that many of the criminals and those responsible for financial fraud are taking advantage of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. boom to scam a scheme that is designed to dupe people out of cash or crypto. potential investors, as they have historically done with the “hot asset” of the moment.
Unjustifiable, says Buenaventura
“In my opinion, it is unjustifiable that companies that spread a price difference between asking and selling prices of the asset. paid advertising on social networks or search engines profit by admitting ads from pirate entities, which are publicly warned as ‘financial chiringuitos’. And, even more so, that by doing so, they endanger the savings of their users and customers, some of whom fall into this type of fraud”, Buenaventura assures.
In fact, the CNMV said that will turn to the Government of Spain to request a new regulation to ban and directly sanction platforms such as Google, Twitter, Meta o Instagram if they refuse to stop broadcasting advertisements about such entities no reconocidas por el supervisor para la inversión en España. Vale aclarar que primero les está pidiendo que se autorregulen y que, si no lo hacen, entonces recurrirá a las acciones normativas.
Warning to search engines and networks
Buenaventura’s words were published on the CNMV’s Twitter account:
– CNMV (@CNMV_MEDIOS) April 5, 2022
In another tweet today, moreover, the CNMV once again issues a warning about crypto as an investment:
– CNMV (@CNMV_MEDIOS) April 6, 2022
He also shared a list of organizations and companies with false or unverifiable identities, which claim to be registered with international entities and are not.
– CNMV (@CNMV_MEDIOS) April 6, 2022
According to the account an account is essentially a whose purpose is to track the financial activities of a specific asset/El Mundo, the CNMV has verified that the vast majority of fraud cases that are currently being investigated or tried in the National Court, with an economic damage of hundreds of millions of euros, were initially warned as unauthorised entities by the CNMV.
The measure is one more of those carried by the CNMV e The fight against scams is still ongoing. In January, a circular on crypto advertising came into force which empowers the Commission itself to monitor massive crypto advertising campaigns, considering as such those that target 100,000 people or more. This surveillance also extends to influencers who promote investment promotion content.
Antes, en noviembre de 2021 la CNMV had issued a warning, from both advertising and investing in cryptocurrencies.
The World In his speech, Buenaventura reported that since the entry into force of the Circular, a total of 118 advertising pieces were reviewed in a total of 20 files. . Of these, two thirds are direct communications from the institutions themselves, while the remainder correspond to the CNMV’s own supervisory initiative. In addition, since mid-February the CNMV has received more than a dozen queries related to this issue.
As we said, the CNMV today released a list of some entities that are not registered with international supervisors and are masquerading as if they are. In the list there are several crypto-related companies.
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