CNMV fines Twitter with 5 million for failing to comply with the advertising rules for financial beach bars
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 legislation on advertising of financial beach bars.
As published this Thursday by the Official State Gazette (BOE), the CNMV has decided to impose this fine on Twitter for committing a very serious continued infraction “for failing to comply” with his duties of assistance with the aforementioned Commission, in relation to advertisements published by unauthorized entities and/or warned through its X platform.
These duties, adds the resolution published in the BOE, consist of check if Quantum AI was authorized to provide investment services and if the entity was not included in the list of entities warned by the CNMV or by foreign supervisory bodies.
In December 2024, the CNMV already decided to initiate sanctioning proceedings against Twitter by allowing the dissemination of Quantum AI advertising on its X platform, without verifying whether the entity was a financial beach bar.
At that time, the CNMV denounced that in a context of growing impact of financial fraud, it is necessary to “highlight the media relevance that, coinciding with the publication of the Quantum advertisements on platform alleged scam by unauthorized entities and warned by the Commission that it would be articulated through the aforementioned platform
Specifically, “through the publication of tweets simulating news where one of these characters reveals to have obtained high returns using an application created by one of these entities,” he concluded.
The CNMV has several times pointed out companies and social networks that collaborate with the Commission in setting limits on advertising by “financial beach bars” such as Google and Meta, and has denounced others like X and Tik Tok for not doing it.
