Spanish Regulator Warns Social Network X
Spain’s National Securities Market Commission (CNMV) has alerted Social Network X to potential violations due to fraudulent cryptocurrency advertisements on the platform.
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Spain's National Securities Market Commission (CNMV) has alerted Social Network X to potential violations due to fraudulent cryptocurrency advertisements on the platform. CNMV's head, Rodrigo Valbuena, cited ads for a fictitious project using celebrity images as an example.Under Spanish law, social networks are fully accountable for their advertising content and could face sanctions for multiple infringements.
The regulator has pledged to fully exercise its supervisory and enforcement powers against companies violating the law.
“I can assure you that we will scrupulously exercise all our capacities, supervisory powers and our supervisory and sanctioning powers in these cases,” Rodrigo Valbuena said.
It was previously reported that the commission plans to increase its staff by 15% to enhance oversight of the cryptocurrency industry. Recently, the commission even initiated its first case against technology provider Miolos for violating digital asset advertising regulations.
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