Spain Fines Elon Musk's X Over Unauthorised Crypto Ad

Spain's stock market watchdog has fined social media platform X, owned by Elon Musk, 5 million euros for not ensuring a crypto company was authorised to advertise investment services. Regulations were set to control crypto ads, and the fine can be appealed at Spain's High Court.

Spain's financial authorities have levied a hefty penalty on X, the social media platform owned by Elon Musk, for facilitating unauthorized crypto advertisements. The 5 million euro fine underscores a regulatory push in Spain to tighten control over cryptoasset advertising.

The regulatory body CNMV, acting on earlier measures from 2022 aimed at curbing unchecked crypto promotions, declared that X failed to ascertain that the crypto company Quantum AI had the necessary permissions for offering investment services. The breach was highlighted in Spain's bulletin, suggesting toughened scrutiny on digital platforms.

While X, formerly known as Twitter, has not commented on the fine, the company retains the option to challenge the decision in Spain's High Court. The incident stands as a testament to growing regulatory oversight in financial service promotions across Europe.

(With inputs from agencies.)