Spain’s stock market supervisor has fined Elon Musk-owned social media platform X 5 million euros ($5.8 million) for failing to make sure that a cryptoasset company that used X for advertisements had authorisation to provide investment services.
The fine, dated November 3, was published in Spain’s official bulletin on Thursday.
X, formerly known as Twitter, did not immediately reply to an emailed request for comment. The fine can be appealed before Spain’s High Court.
Madrid took steps to regulate the rampant advertising of cryptoassets in 2022, tasking the CNMV watchdog with vetting mass campaigns and making sure investors were aware of the risks involved.