Spain’s CNMV Fines X €5 Million Over Crypto Advertising Breaches

Overview

• The sanction, published in Spain’s Official State Gazette, labels X’s conduct a “very serious continued infraction” of financial promotion rules.
• CNMV found X failed to verify whether advertiser Quantum AI complied with disclosure requirements and did not cooperate adequately with the investigation.
• The investigated promotions were linked to a fraudulent scheme and were described as attempting to obtain investor data and money.
• The regulator said the ads promoted cryptocurrencies, misused images of Spanish actors, and impersonated the design and identity of a national media outlet.
• The probe began in November 2023 under a rule in force since March 2023 that requires platforms to screen financial advertisers, and no response from X was reported.