Spain fines Elon Musk’s X $5.8 million over crypto advertising
Spain’s stock market regulator has fined Elon Musk-owned social media platform X (formerly Twitter) 5 million euros ($5.8 million) for failing to verify that a cryptoasset company advertising on its platform was authorized to provide investment services.
The fine, dated November 3, was published in Spain’s official bulletin on Thursday. The company can appeal the decision before Spain’s High Court, News.Az reports, citing Reuters.
In 2022, Spain strengthened oversight of cryptoasset advertising, requiring the CNMV watchdog to vet campaigns and ensure investors were aware of associated risks. The regulator noted that X failed to confirm whether Quantum AI, the company in question, was properly authorized or listed as a warning by domestic or foreign authorities.
X did not immediately respond to requests for comment.
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