Spain's CNMV Fines X €5 Million for Hosting Ads Promoting Unauthorized Platform Quantum AI

Spain’s securities watchdog, the Comisión Nacional del Mercado de Valores (CNMV), has imposed a €5 million fine on Elon Musk-owned social media platform X (formerly Twitter) for failing to prevent unauthorized crypto platform advertising.

The penalty, imposed by the Resolution of the CNMV Council on October 29, 2025, with the CNMV’s official bulletin on November 13.

According to CNMV’s ruling, Twitter International Unlimited Company committed a “continued very serious violation” under Article 290.1(n) and Article 290.2(f) of Law 6/2023 on Securities Markets and Investment Services. The breach stemmed from X’s failure to cooperate with the regulator by verifying whether the crypto trading platform Quantum AI was authorized to provide investment services, and whether it appeared on CNMV’s list of warned entities or warning lists from foreign supervisors.

Spain tightened rules on cryptoasset advertising in 2022, requiring CNMV to review mass campaigns to protect retail investors from misleading promotions.

The regulator has repeatedly warned against Quantum AI, flagging multiple domains linked to the unauthorized scheme. BrokersView advises investors to avoid these websites.

BrokersView has also identified scams using the same name. In August, a report highlighted how deepfake-driven investment ads impersonating Indian officials spread across Facebook and Instagram to promote a trading platform named “QuantumAl.” Our Scam List also includes a platform with the same name, which has been warned by German BaFin, the UK’s FCA, and Italian CONSOB.