The international company Twitter will have to pay a fine of five million euros for not blocking ads published by Quantum AI, which used the identity of celebrities and media to promote investments through the social network. The National Securities Market Authority (CNMV) has ended the case it opened two years ago against this company and today the Official Gazette publishes the penalty.
Specifically, the Spanish Markets Supervisory Authority accuses Twitter of violating the ban on publishing advertisements without verifying that advertisers have authorization to provide investment services. Quantum AI used photos of famous people and spread fake news pretending to have been published by media outlets like El País to lure clients into investing.
The CNMV explains that the alleged fraud will be clarified through the above-mentioned platform
The CNMV opened a file against Twitter in 2023 for this reason and the company did not make any allegations. In particular, in its statement issued on December 12 of the same year, the agency warned of “the spread of financial fraud on social networks using the image of celebrities and the media,” and indicated that it would exercise “all the possibilities of control and penalties granted by current legislation, among other things, the responsibility of websites, media and social networks that publish this advertisement without verifying that the advertiser has a license to provide investment services and that it has not been warned as a financial beach bar or a piracy entity.” In explicit reference to the entity Quantum AI being among the companies that committed this alleged fraud and which have already been the subject of specific warnings from the CNMV.
Recently, the CNMV accused some social networks, especially Twitter and TikTok, of not cooperating in the fight against financial fraud in beach bars that are advertised through social networks. Unlike other platforms like Meta or Google that collaborate.
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