will have to pay a fine of five million euros for not blocking advertisements published by the company Quantum AI that used the identity of famous people and media outlets to promote investments through the social network. The) has concluded the file that it opened two years ago against this company and today the Official State Gazette publishes the sanction.
Specifically, the supervisory body of the Spanish markets accuses Twitter of violating the prohibition of publishing advertisements without verifying that advertisers have authorization to offer investment services. Quantum AI used images of famous people and spread false news pretending that they had been published by media such as El País to attract clients for their investments.
The CNMV explains that the alleged scam would be articulated through the aforementioned platform
The CNMV opened a file against Twitter in 2023 for this reason and the company has not presented allegations. In particular, in its statement of December 12 of that same year, the agency warned about “financial fraud spread on social networks using the image of famous people and media outlets,” and noted that it would exercise “all the possibilities of supervision and sanction granted by current legislation, among others, the responsibility of the websites, media and social networks that spread this advertising without verifying that the advertiser has a license to offer investment services and that it is not warned as a financial beach bar or pirate entity.” expressly referring to the entity Quantum AI among the companies that were committing this alleged fraud and that had already been the subject of specific warnings from the CNMV.
In recent times, the CNMV has accused some social networks, especially Twitter and TikTok, of not collaborating in the fight against financial beach bar fraud that is advertised through social networks. Unlike what other platforms like Meta or Google do that do collaborate.
