Kuwait city: Spanish National Markets Authority imposed a fine of five million euros against X platform for violating Spanish legislation relating to fraudulent financial advertising.
According to Kuwait News Agency, Spain's official press announced on Thursday that sanctions were imposed against the X platform for "serious and repeated violations" and for failing to comply with its legal obligations under the Spanish Investment Markets and Services Act.
The incidents date back to December 2023, when financial investment advertisements were posted on the platform claimed that some celebrities made huge profits through certain applications aimed at attracting investors' funds.
This represents the largest financial penalty ever imposed by the Spanish Authority on a social media platform.