Spain fines X platform operator 5 million euros for allowing unauthorized financial advertisements.

Local time on the 13th, it was learned that the Spanish National Securities Market Commission announced a 5 million euro fine against the operator of the social media platform X. The reason is that the platform allowed unauthorized financial entities to publish investment-related advertisements. The Spanish National Securities Market Commission deemed it to be a "continuous and serious" violation, failing to fulfill its obligations to cooperate with regulatory authorities, failing to verify whether the advertisers have investment service qualifications, or whether they are listed on the regulatory authority's risk warning list.