In a Europe that would have dreamed of a tidal wave of CBDC, it was ultimately the crypto ecosystem that imposed its codes. Driven by decentralization and the network effect, it has overtaken institutional projects. Faced with this discrepancy, States are reacting by tightening the screw. And when it comes to regulation, Spain does not take half measures. The last one to learn it the hard way? The social network
In brief
- X served crypto ads without checking whether the advertiser had legal authorization.
- Quantum AI, an unauthorized entity, benefited from massive advertising exposure on the social network X.
- The Spanish CNMV imposed a penalty of five million euros for continued very serious infringement.
- Since March 2023, platforms must monitor crypto campaigns according to the Financial Services Act.
X and cryptos: unfiltered advertising, hefty fine
While BBVA has just obtained the green light to offer Bitcoin and Ether trading in Spain, the regulator CNMV is tightening the screw: it has imposed a fine of 5 million euros on X (formerly Twitter). At issue: the distribution of advertisements promoting Quantum AI, a company without authorization to offer investment services. An offense described as “very serious and continuous”, according to the State Gazette.
The investigation, opened in November 2023, revealed that X did not check whether Quantum AI appeared on a blacklist established by the CNMV or by foreign regulators. However, since March 2023, Spanish law requires all platforms to verify the legality of their financial advertisers before broadcast.
Rodrigo Buenaventura, former president of the CNMV, recalled that platforms like X are legally required to check whether advertisers appear on a blacklist of reported entities. They must also ensure that these advertisers have the necessary authorizations to offer financial services.
The X-Quantum AI affair illustrates the way in which certain social networks can, through negligence or lack of moderation, amplify the reach of toxic financial promises.
Musk, X and the challenges of moderation in the crypto era
Renamed X after its purchase by Elon Musk, the social network has undergone a strategic shift combining artificial intelligence and the ambition of media overhaul. In March 2025, it merged with xAI, valuing the whole at $33 billion, excluding debt.
At the same time, X's advertising revenue rose 17.5% in the United States, and 16.5% globally. But this recovery does not mask its flaws. Because despite this growth, transparency remains partial, especially regarding crypto advertisers.
The CNMV the point :
The CNMV decided to impose a fine on Twitter International Unlimited Company for failing to fulfill its obligations to verify whether Quantum AI was authorized to provide investment services by the CNMV and whether this company was included in the list of entities warned by the CNMV or by foreign supervisory authorities.
This case lays bare the tension between an economic model based on advertising and the duty of control. And for investors, she reminds us that behind an innocuous tweet can hide a well-established scam disguised as a crypto opportunity.
Spain is a pioneer in the face of the laissez-faire of X
Since 2022, the Spanish CNMV has strengthened its arsenal in the face of the explosion of crypto fraud. The X affair is emblematic of a desire to impose co-responsibility on platforms. The March 2023 law now requires all online entities to filter crypto ads.
In this context, even giants like X are no longer safe. The objective? End the proliferation of crypto advertisements from unauthorized entities. Bitcoin, altcoins or obscure tokens must be treated in the same way.
Europe is getting organized: measures such as the Digital Services Act plan to extend this vigilance to all Member States. For users, this means a likely reduction in questionable sponsored content, but also increased protection against false placements.
What to remember
- €5 million: amount of the fine imposed on X by the CNMV;
- November 2023: opening date of the investigation against X;
- Quantum AI: unauthorized company at the heart of the fraud;
- $33 billion: estimated valuation of X after merger with xAI;
- March 2023: entry into force of advertising regulations in Spain.
When it comes to tracking down criminals, Europe no longer takes half measures. She proved it again recently by dismantling a well-established network of crypto fraudsters. Vigilance does not weaken, and the tide is turning in favor of a safer ecosystem.
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