Spain Fines X 5 Million Euros for Unauthorized Crypto Ads

As reported by Cointribune, the Spanish financial regulator CNMV has fined X (formerly Twitter) 5 million euros for failing to verify the legality of a crypto advertising campaign. The social network allowed ads for Quantum AI, an unauthorized entity, to be broadcast without checking if the company was on a regulatory blacklist. The fine, imposed under Spain’s March 2023 financial advertising law, highlights the country’s strict enforcement of crypto ad regulations. The investigation, which began in November 2023, found that X did not ensure the advertiser had the necessary licenses to offer investment services. The case underscores the growing regulatory pressure on platforms to police crypto-related content and prevent fraudulent promotions.