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Correction: “Blacklist” is not the terminology used by Spain’s securities regulator. On 28 October 2019, the Comisión Nacional del Mercado de Valores (CNMV) published warnings stating that Capital4Bank and IMMFX-linked entities were not authorised to provide specified investment services in Spain.
The warnings are still visible in the CNMV’s search database. They cover services connected with financial instruments, including foreign-currency transactions, investment advice and certain auxiliary services. That is a significant regulatory warning—but it is not, by itself, a criminal fraud finding or a court judgment.
What the CNMV warned about
The CNMV warning identified several names and websites associated with each operation. It did not describe Capital4Bank and IMMFX as two single legal companies operating under only one name.
| Brand or website | Entities named by the CNMV | Warning date |
|---|---|---|
Capital4Bankwww.capital4bank.com |
Capital4Bank Capital Com Investment Ltd Solid Wealth Limited |
28 October 2019 |
IMM FXhttps://immfx.com |
IMM Group Ltd IMM Group GmbH IMM Fx |
28 October 2019 |
The CNMV’s public database labels these records as warnings concerning unauthorised companies. Its records continue to show both entries.
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What services were covered?
The Capital4Bank notice says the named entities were not authorised to provide the investment services covered by Article 140 of Spain’s Securities Markets Law. It also refers to specified auxiliary services under Article 141(a), (b), (d), (f) and (g), when connected with financial instruments covered by Article 2.
The IMMFX notice uses substantially the same description. The scope expressly includes foreign-currency transactions, but the warnings are broader than a statement about forex trading alone. They also refer to investment advice and other regulated investment services.
In practical terms, the CNMV was warning Spanish investors that these names did not hold the authorisation required to offer the specified services in Spain. An online trading platform using forex terminology cannot be treated as regulated merely because it accepts Spanish customers, offers a familiar trading platform or displays claims about licences in another jurisdiction.
What the warnings do not establish
The documents reviewed do not say that:
- Capital4Bank or IMMFX committed criminal fraud;
- every customer lost money;
- the companies were convicted of an offence;
- the CNMV ordered compensation;
- the websites were permanently closed; or
- the entities’ current status outside the warning was established.
The CNMV does warn that dealing with unauthorised entities can expose investors to the risk of losing their capital. However, “unauthorised” and “criminal fraudster” are not interchangeable descriptions. The warning supports the first statement, not automatically the second.
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How to check the warnings on the CNMV website
Investors can verify the records directly through the regulator’s search tool rather than relying on an old broker review or a social-media post.
- Go to the CNMV website.
- Open Warnings (unauthorised firms and other entities).
- Select Search Engine for Warned Companies.
- Search for
Capital4Bank,Capital Com Investment,Solid Wealth,IMMFXorIMM Group. - Check the result’s date, targeted companies and attached document. Both relevant entries are dated 28/10/2019.
The results table includes the fields Date, Targeted companies, Document, Document (English) and Comments.
The CNMV also operates a separate Plan de Acción contra el Fraude Financiero database. That tool has additional filters, including warning type, origin, regulator code and date range. It should not be assumed to be a complete historical archive of every international warning: the CNMV says international warnings are shown there only when they are no more than three years old.
What this means for someone considering either broker
A CNMV warning should be treated as a stop-and-verify signal. Do not deposit funds simply because a firm says it is “licensed,” displays a registration number or claims to be connected with a similarly named company.
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Before sending money, check all of the following:
- the exact legal entity named in the account agreement;
- the regulator and licence number claimed by the firm;
- the regulator’s own register, reached independently rather than through a broker-provided link;
- whether the register authorises the specific service being offered;
- whether the website domain and contact details match the regulated entity; and
- whether withdrawal conditions, fees and complaints procedures are clearly documented.
Names can be deliberately or accidentally similar. A licence held by one company does not automatically authorise another company, brand or website. The relevant question is whether the precise legal entity taking the customer’s money is authorised for the product being sold.
If you already deposited money
Act quickly, but be cautious about anyone promising guaranteed recovery. A second party may demand an upfront “tax,” “release fee” or “legal deposit” before returning funds; that is a common recovery-scam pattern.
- Stop sending additional money and do not provide further remote access to your computer.
- Save account statements, emails, chat messages, trading records, payment receipts, wallet addresses and the exact website addresses used.
- Contact your bank, card issuer or payment provider using its official telephone number and ask whether a payment dispute, recall or fraud investigation is possible.
- Change passwords that may have been shared with the platform, beginning with email and banking accounts, and enable two-factor authentication.
- Report the matter to the relevant law-enforcement agency and contact the CNMV for information about the warning and complaint route.
Payment recovery is not guaranteed, particularly for bank transfers and cryptocurrency transactions. Speed matters because payment providers may have limited dispute windows.
Why “blacklist” is misleading here
“Blacklist” is understandable shorthand used in headlines, but it is not the CNMV’s official description of these records. The regulator issued public warnings against unauthorised entities. That distinction matters because readers may otherwise infer a criminal conviction, a finding that all customer activity was fraudulent or a formal compensation order—none of which is established by these notices alone.
The accurate summary is: on 28 October 2019, the CNMV warned that Capital4Bank, Capital Com Investment Ltd and Solid Wealth Limited were not authorised to provide specified investment services in Spain, and separately warned that IMM FX, IMM Group Ltd and IMM Group GmbH were not authorised for comparable services.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Official records
- CNMV English warning concerning Capital4Bank
- CNMV warning concerning IMMFX
- CNMV search result for IMMFX
- CNMV search results including Capital4Bank
FAQ
Did the CNMV blacklist Capital4Bank and IMMFX?
The CNMV issued public warnings on 28 October 2019 identifying the firms and associated entities as unauthorised to provide specified investment services in Spain. “Blacklist” is informal shorthand, not the regulator’s terminology.
Were the warnings about forex only?
No. Foreign-currency transactions are expressly included, but the notices also cover investment advice and other specified investment and auxiliary services involving financial instruments.
Does the CNMV warning prove that these firms were scams?
Not by itself. The notices establish that the named entities were not authorised for the specified services. They do not themselves make a criminal fraud finding, establish investor losses or order compensation.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsAre the warnings still available?
Yes. The CNMV’s current warned-companies search database continues to display entries for Capital4Bank and IMMFX-linked entities, both dated 28 October 2019.
What should I do if I sent money to one of these platforms?
Stop further payments, preserve all records, contact your bank or payment provider immediately about possible recovery options, secure your accounts and report the matter to the appropriate authorities. Do not pay an alleged recovery agent an upfront fee.
The Bottom Line
Bottom line: The CNMV warned on 28 October 2019 that Capital4Bank and the entities Capital Com Investment Ltd and Solid Wealth Limited, and separately IMM FX, IMM Group Ltd and IMM Group GmbH, were not authorised to provide specified investment services in Spain. Treat the warnings as a serious reason not to deposit funds without independent regulatory verification, while avoiding claims that go beyond what the CNMV documents actually establish.
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