Spain’s securities regulator, the CNMV, issued public warnings against Wise Banc and JustForex in 2019. The warnings said the entities were not registered with the CNMV and were not authorised to provide investment services in Spain.
“Blacklisted” is a common shorthand, but it is not the regulator’s wording. The notices were regulatory warnings about authorisation status—not court judgments finding fraud, theft, insolvency or criminal wrongdoing.
What the CNMV warnings actually mean
The CNMV maintains a database of warnings against unauthorised firms and other entities. A warning generally tells investors that a named company does not appear in the relevant Spanish register and lacks the authorisation required to provide regulated investment services in Spain.
That distinction matters. A CNMV warning is serious because an unauthorised broker does not provide the same regulatory protections as a properly licensed investment firm. However, the warning itself does not establish that every customer was defrauded, that funds were stolen, or that a criminal offence was committed.
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For consumers, the practical message is straightforward: do not treat the company as a regulated Spanish investment firm, and do not assume that complaints will be handled through the protections available for authorised brokers.
Wise Banc: warning issued on 5 August 2019
The CNMV’s official notice dated 5 August 2019 named:
- WISE BANC
- Orion Service EOOD
- wisebanc.com
The notice stated that the named entities did not appear in the relevant CNMV register and were therefore not authorised to provide investment services in Spain. The regulator’s separate warning also referred to services covered by Articles 140 and 141 of Spain’s then-applicable Securities Market Law.
Those services included investment advice, auxiliary investment services and foreign-currency transactions. In other words, the warning was not limited to a website name or a general financial promotion: it covered activities that can require regulatory authorisation when offered as investment services.
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The second Wise Banc notice also linked the site with several other websites:
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The CNMV said those sites had previously been the subject of warnings dated 10 June 2019. The official Wise Banc warning can be checked through the CNMV document archive.
Wise Banc and WiseBanc Online are separate database entries
Investors searching the CNMV database may find a later entry for WiseBanc Online, dated 13 January 2020. That is not the original Wise Banc entry. The later record was separately associated with Orion Service EOOD and referred to the previously warned Wise Banc website and other previously warned sites.
The two entries should not automatically be treated as unrelated, but they should also not be merged into one date or one legal finding. The original Wise Banc warning is dated 5 August 2019; the WiseBanc Online entry is dated 13 January 2020.
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The JustForex warning creates a different search problem. Contemporary reports identified the legal entity as JF Global Limited, with JustForex as the trading name and www.justforex.com as the website.
On 29 July 2019, the CNMV warned four entities that were not authorised to provide investment services in Spain. The list included:
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| Legal entity | Trading name |
|---|---|
| PHHLT Marketing Limited | CCT Market |
| Cubic Services Ltd | Global Markets |
| JF Global Limited | JustForex |
| PVP Markets Ltd | PVP Markets |
Contemporaneous reporting by Europa Press described the CNMV action and identified JF Global Limited as JustForex. Another report published on 30 July 2019 quoted the conclusion that the entities were not registered in the CNMV’s corresponding register and were not authorised to provide investment services.
The date is sometimes confused with a later regulatory record from Japan. The Japanese Financial Services Agency listed JF Global Limited, identifying JustForex as its service name, in connection with a warning dated 14 February 2020. That is a Japanese FSA record—not the date of Spain’s CNMV warning.
Why a current CNMV search for “JUSTFOREX” may show nothing
The CNMV’s current interface is called Warnings (unauthorised firms and other entities) and includes a search engine for warned companies. It allows searches by name, date and warning type, including “No autorizadas,” “Otras advertencias” and “Todas.”
A search using only the brand name JUSTFOREX currently returns “No hay datos disponibles.” That does not prove that Spain never warned JustForex. The historical warning was reported under the legal name JF Global Limited, with JustForex shown as the commercial name.
When checking a broker, search more than one identifier:
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- Search the brand or website name.
- Search the legal entity name.
- Check spelling variations and older trading names.
- Compare the company details with the broker’s current website and account documents.
- Check the CNMV’s authorised-firm register as well as its warning database.
A clean search result is not proof that a broker is authorised. It may simply mean that the regulator recorded the warning under a different legal name, or that the search interface does not return historical brand names in the way expected.
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The cited CNMV notices established an authorisation and registration issue. They did not, by themselves, establish that:
- Wise Banc or JustForex was a criminal organisation;
- all customers had been defrauded;
- customer money had been stolen;
- either company had been convicted of an offence;
- a court had ordered a shutdown or insolvency process; or
- every later company using a similar name was the same business.
That wording is not a defence of either broker. Operating without the required authorisation is enough reason for a Spanish investor to stop and investigate before depositing money. It simply keeps the article aligned with what the regulatory records actually say.
What Spanish investors should do if they used one of these brokers
- Stop sending additional funds. Do not pay a new “tax,” “release fee,” “verification charge” or “withdrawal fee” merely because someone promises that it will unlock an account balance.
- Save the evidence. Keep account statements, emails, chat records, payment confirmations, wallet addresses, telephone numbers, contracts and screenshots of the broker’s website.
- Contact the payment provider quickly. Ask the bank, card issuer or payment service whether a transfer recall, card dispute or fraud-reporting process is available. Recovery is not guaranteed, and speed matters.
- Report the matter to the appropriate authorities. Affected investors can contact the CNMV for investor-protection guidance and report suspected fraud to Spanish law-enforcement authorities.
- Be cautious with recovery agents. People who claim they can recover lost trading funds for an upfront payment may be running a second scam.
Investors should also verify the exact legal entity involved. A warning against JF Global Limited/JustForex or Wise Banc/Orion Service EOOD should not automatically be extended to an unrelated business simply because it uses a similar name.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Verified chronology
| Date | Event |
|---|---|
| 10 June 2019 | Earlier CNMV warnings were issued against websites later referenced in the Wise Banc notice. |
| 29 July 2019 | The CNMV warning reported against JF Global Limited, trading as JustForex, appeared among warnings against four unauthorised entities. |
| 5 August 2019 | The CNMV issued the official Wise Banc/Orion Service EOOD warning. |
| 13 January 2020 | The CNMV separately listed WiseBanc Online, also associated with Orion Service EOOD. |
| 14 February 2020 | The Japanese FSA recorded a warning involving JF Global Limited and JustForex. This was not the Spanish CNMV warning date. |
The CNMV’s warnings page describes the database as information on unauthorised firms and other entities. Its records are useful for checking regulatory status, but they should be read precisely: a warning about missing authorisation is not the same as a criminal conviction or court-ordered blacklist.
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FAQ
Did Spain’s CNMV blacklist Wise Banc?
The CNMV issued a public warning against Wise Banc, Orion Service EOOD and wisebanc.com on 5 August 2019. “Blacklist” is informal; the regulator’s finding was that the entities were not registered and were not authorised to provide investment services in Spain.
When did the CNMV warn JustForex?
The Spanish warning was reported on 29 July 2019 and identified the legal entity as JF Global Limited, trading as JustForex. A 14 February 2020 date belongs to a later Japanese Financial Services Agency record, not the Spanish warning.
Why does JUSTFOREX return no result on the CNMV website?
The historical warning was recorded under JF Global Limited rather than only under the JustForex brand. Searching the legal entity name can therefore produce a different result from searching the trading name.
Does a CNMV warning prove that a broker committed fraud?
No. The cited warnings concern registration and authorisation. They do not by themselves prove fraud, theft, insolvency, a criminal conviction or that every customer suffered a loss.
What should I do if I deposited money with one of these brokers?
Stop further payments, preserve all records and contact your bank or card provider promptly to ask about available recall or dispute procedures. You can also report the matter to the CNMV and Spanish law-enforcement authorities.
The Bottom Line
Bottom line: Spain’s CNMV warned against Wise Banc/Orion Service EOOD on 5 August 2019 and against JF Global Limited, trading as JustForex, on 29 July 2019. The warnings said the entities were not authorised to provide investment services in Spain. Calling this a blacklist is understandable shorthand, but the records do not themselves amount to findings of fraud or criminal guilt.
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