The Spanish financial regulator has made an unprecedented decision: Twitter is required to pay a five million euro fine. The reason was the publication of ads on the platform that promised quick profits from cryptocurrency investments. To appear credible, scammers used the names and photos of well-known public figures, misleading users.
In recent months, Spain has seen a surge in incidents where users encounter aggressive ads offering ‘profitable’ investments. The ads looked convincing, featuring famous actors, athletes, and even politicians. However, behind the bold promises were schemes designed to deceive unsuspecting citizens. Many victims lost significant sums, believing the ads were genuine.
The regulator emphasized that responsibility for such posts lies not only with the creators of fraudulent ads, but also with the platform itself for giving them broad access to an audience. According to the authority, social networks must carefully vet advertising content, especially when it comes to financial products and investments. In this case, Twitter failed to take sufficient action to prevent the spread of dangerous information.
The five million euro fine is one of the largest in the history of such cases in Spain. This decision is intended not only to penalize the platform but also to serve as a warning to other companies operating in the digital advertising market. The regulator intends to continue monitoring to ensure that users are protected from financial scams and companies uphold standards of transparency and security.
