Spain’s CNMV Warns Against Unauthorised Investment Platforms and Clone Firms

Spains securities regulator, the CNMV, has issued another warning against a group of unauthorised investment platforms and suspected clone firms operating without registration.

According to the regulator, the entities named in the warning are not registered with the CNMV and are therefore not authorised to provide investment services or carry out regulated financial activities in Spain.

Clone names appear alongside unlicensed platforms

The latest warning includes several entities using investment-style websites, including:

• EUROCORPORATE ASSET MANAGEMENT — eurocorporate-asset-management.com
• GROWELL CAPITAL (Clone) — growell.capital
• BD Gestión de Inversiones AV (Clone) — bdgestiondeinversionesav.com
• GLOBAL MARKET FX — globalmarketfx.com
• FTOKRENIX — ftokrenix.com, ftokrenix-es.net
• STABILE 7.0 KINJER — stabile70kinjer.es
• MONEX MARKETS — monexmarket.cc
• MOONFARE — moonfareltd.io
• OASISBF — oasisbf.com

Two names stand out because they were marked as clone-related cases: GROWELL CAPITAL and BD Gestión de Inversiones AV. Clone firms typically imitate the identity, name, or presentation of legitimate financial companies in order to appear more credible to investors.

[Insert Image 2: Growell Capital website screenshot]

Multiple domains remain a recurring pattern

The warning also shows the continued use of multiple domains or market-facing websites by unauthorised operators.

For example, FTOKRENIX is linked to more than one domain, while other names use polished landing pages that present trading, investment, or market-access services. This kind of structure can make a platform look more established, even when it is not registered to provide regulated services.

The issue is not whether a website looks complete. The key point is whether the company behind it is properly registered and authorised. In this case, the CNMV has stated that the listed entities are not registered with the regulator.

CNMV urges investors to verify registration

The latest warning reflects a broader pattern in online investment fraud: unauthorised platforms using professional-looking websites, clone branding, and multiple domains to attract users.

The CNMV has repeatedly urged investors to check whether a firm is registered before sending funds or engaging with any investment offer. For clone cases, that step is especially important, because the website may borrow the name or image of a real company while operating from an unrelated domain.

For investors, the warning is straightforward: a company name, website design, or trading interface is not enough. The regulatory record must match the entity, the domain, and the service being offered.

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