Jorge Fernandez y Cristina Pedroche have resigned from being the presenters of an event about cryptocurrencies to be held this Saturday, August 27, in Madrid, after the CNMV has shown its reticence for being organized by firms without a license to operate in Spain. Neither will several actors from the series ‘La que se avecina’ who had initially announced their presence.
Fernández has announced on his Twitter account that he will not present the event, while he has been the CEO and creator of the event organizer –Mundo Crypto-, Mani Thawaniwho has revealed on his social networks that Pedroche will not participate either.
The casualties of the presenters have come a day after the National Securities Market Commission recalled that it had already warned in 2021 that Mundo Crypto, the event’s organizing company, “does not have any type of license to advise on financial instruments or intermediate operations of investment on financial instruments’.
Mundo Crypto is, since July 2021, included in the “grey” or “other entities” list of the supervisor, which includes entities that do not have any authorization or are registered for any purpose in the supervisor itself, but that “could be carrying out» some type of fundraising activity or providing a service of a financial nature. If I had confirmation of these activities, I would be on the “black list” of financial bars.
In addition, among the sponsors of the meeting, there are several entities warned by the CNMV as Huobi, Bitget o Bybitunregistered entities and directly considered beach bars.
It should be noted that cryptocurrencies do not currently have any regulation, so there is also no institution that supervises investments.
The Spanish supervisors, together with the European authorities, have on several occasions alerted investors to the risk of crypto assets, a warning that the CNMV now extends to the event scheduled for Saturday. In fact, the body chaired by Rodrigo Bonaventure has published on his Twitter account, in the last two days, warnings about the risk of investing in cryptocurrencies.
Yesterday, the CNMV indicated its desire that the “experts and celebrities” who attend the event “inform themselves” about cryptocurrencies and “properly” convey to the attendees the information about the risks of investing in crypto assets, “especially now that so many investors they are seeing their money disappear by investing in these unregulated and unsecured assets.”
The event is scheduled Mundocrypto Metaverse Dayto be held at Wizink Center of Madrid, count on the presence of economists such as Daniel Lacalle o Juan Ramon Ralloas well as representatives from El Salvador, the first country in the world in which bitcoin was accepted as legal tender in September 2021.
Mundo Crypto, which has reported that tickets for the event have sold out (with more than 30,000 attendees), has advanced that it will release a statement throughout the day.
This controversy takes place after the collapse suffered by the bitcoin and other virtual currencies has wiped out the savings of hundreds of thousands of investors. To this must be added the sequence of bankruptcies and of alleged scams committed by many firms dedicated to this business, which have trapped hundreds of thousands of small investors (140,000 in Spain alone), who cannot recover their money. This has generated a general distrust in the public towards the sector.