The National Securities Market Commission (CNMV) has imposed a fine of 5 million euros on Twitter International Unlimited Company for failing to comply with the law on advertising in financial beach bars.
As announced by the Official Gazette (BOE) this Thursday, the CNMV has decided to impose this fine on Twitter for its very serious and persistent violation of “failure to comply” with its obligations to support the aforementioned Commission in relation to advertisements published by unauthorized entities and/or flagged through the X platform.
These obligations consist of checking whether Quantum AI is authorized to provide investment services and whether the entity is included in the list of entities warned by the CNMV or foreign supervisory authorities, added the resolution published at the BOE.
The organization published the files on social networks last year. Regulators targeted an ad by Quantum AI promoting an alleged scam that used images of David Broncano and Antonio Regines without permission.
In the alleged fraud, the aforementioned financial bar published tweets on its platform using images of host David Broncano, actor Antonio Regines, and other Spanish celebrities.
About The Author
