X fined 5 million euros in Spain over cryptocurrency ads

Spain’s securities regulator said Thursday it has fined social media platform X 5 million euros for failing to comply with rules governing advertising of financial products, including cryptocurrencies.

In an official bulletin, the CNMV said the $5.8-million fine was imposed for “a very serious ongoing violation”.

The regulator had launched an investigation in November 2023 after detecting advertisements on X promoted by an unauthorised financial company, Quantum AI, which was marketing cryptocurrencies.

The postings violated a regulation introduced in…