National Securities Market Commission (CNMV) imposed a fine of €5 million on Twitter International Unlimited Company for failing to comply with laws regarding 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 CNMV has already decided in December 2024 to initiate sanctions proceedings against Twitter for allowing the dissemination of quantum AI advertising on the X platform without checking whether the entity is a financial beach bar.
At the time, the CNMV denounced the need to “underscore its relevance with the media at the same time as running quantum advertising on Spanish platforms” in the context of the growing impact of financial fraud.
Specifically, he concluded, “by publishing a tweet simulating news that reveals that one of these characters has made significant profits using an application created by one of these entities.”
The CNMV has repeatedly singled out companies and social networks that cooperate with the European Commission in setting limits on advertising from “financial beach bars” such as Google and Meta, and has criticized other companies such as X and Tik Tok for not putting limits in place.
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