The National Securities Market Commission (CNMV) has decided to open a sanctioning file against Xformer Twitter, for a possible breach of its duty, in relation to advertisements published by “unauthorized and/or warned entities” through platform financial chiringuitos, like Quantum AI.
According to the entity, its executive committee decided to open said file on December 13, due to the possible commission of a very serious infraction on a continuous basis according to articles 290.1 and 290.2 of the Securities Markets and Investment Services Law. .
Specifically, the decision was made in relation to Quantum AI’s paid advertisements published on Twitter in December 2023. The platform then failed in its duty to verify whether Quantum AI was authorized to provide investment services. Nor did it apparently check whether said entity was included in the list of organizations warned by the CNMV or other foreign supervisory bodies.
For this reason, the Spanish entity has indicated that it should be highlighted, taking into account a context in which financial fraud has an increasingly greater impact, the media relevance that «coinciding with the publication of the Quantum AI advertisements on platform mentioned platform these entities«.
The CNMV already made reference to this in a statement issued in mid-December of last year. It warned about a financial fraud spread through social networks using the image of famous people, in this case Spanish, and different media outlets. These were fake advertisements promising large profits with investments in the stock market or cryptocurrencies, using confusing language and misleading promises. In it he already made it clear that he would exercise “all the possibilities of supervision and sanction granted by current legislation” in relation to the responsibility of the websites, media and social networks through which said advertising is disseminated, as happened in X.
Apparently, The ads were allowed without the platform verifying whether the advertiser had the license or not due for the offer of investment services. Nor did he check if whoever published the ads was warned “as a financial beach bar or pirate entity«. The statement directly pointed out Quantum AI among the companies that were committing the alleged fraud, and that had already received warnings from the CNMV.
