National Securities Market Authority (CNMV) Twitter International Unlimited has been fined €5 million for non-compliance with legislation relating to advertising in financial beach bars.
As published by the Official Gazette (BOE) on Thursday, the CNMV has decided to impose this fine on Twitter for a persistent and very serious violation of “non-compliance” with its duties to assist with the above-mentioned Commission, with regard to advertisements published by unauthorized and/or warned entities through its X platform.
These duties consist of checking whether Quantum AI is licensed to provide investment services and whether the entity is not included in the list of entities warned by the CNMV or foreign supervisory bodies, adds the decision published in the Bank of England.
In December 2024, the CNMV had already decided to initiate sanctions proceedings against Twitter by allowing Quantum AI ads to be published on its X platform, without checking whether the entity was a financial beach bar.
At that time, the CNMV denounced that in the context of the growing impact of financial fraud, it was necessary to “highlight the media importance of this, in conjunction with the publication of Quantum’s advertisements on the Spain platform.”
He concluded, “By publishing tweets that mimic the news, where one of these characters reveals that she obtained high returns using an application created by one of these entities.”
The CNMV pointed several times to companies and social networks cooperating with the Commission in setting limits on advertising from “financial beach bars” such as Google and Meta, and condemned other companies such as X and Tik Tok for not doing so.
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