Commission that regulates investment market in the country states that the platform repeatedly published fraudulent advertisements about earnings from cryptocurrencies
The CNMV (National Securities Market Commission) of Spain confirmed on Thursday (13.Nov.2025) the application of a fine of 5 million euros (around R$30 million) to the social network X (formerly Twitter), owned by businessman Elon Musk.
The penalty was imposed because the platform repeatedly published fraudulent advertisements from a company that promoted cryptocurrencies by improperly using images of public figures and the brand of the newspaper El País, violating the legislation that regulates the European country’s investment market. Here is it, in Spanish (PDF – 188 KB).
The CNMV states that X should have checked 2 specific points related to the company Quantum AI, responsible for the fraudulent advertisements:
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if the company had CNMV authorization to provide investment services;
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if it was not on the list of warned companies by the CNMV itself or by foreign supervisors.
In the posts, celebrities appeared as if they had obtained high earnings using an application linked to Quantum AI. One of these celebrities is Spanish actor Antonio Resines. There were also simulations of reports from the The Country talking about high earnings with cryptocurrencies via use of the application.
According to the newspaper, it is the 7th largest fine ever imposed by the CNMV. OX can still appeal.
