Contrary to recent reports, there’s no verified evidence of a €5 million fine imposed on the platform X for cryptocurrency advertising in Spain, according to official regulatory sources.
The focus remains on dismantling large-scale crypto fraud in Spain, emphasizing law enforcement efforts rather than any penalties affecting X’s advertising practices or immediate market disruptions.
Recent reports allege a €5 million fine against X in Spain over cryptocurrency ads. However, primary sources indicate Spanish authorities are conducting operations against crypto investment fraud, involving arrests in Madrid and the Canary Islands.
Entities such as the Spanish Guardia Civil and Europol were involved. Actions focus on dismantling a global fraud ring accused of misappropriating funds through shell companies and false identities, rather than penalizing X for ads. Europol, Official Agency: “Online fraud is an epidemic affecting EU citizens, businesses and public institutions alike. The scale, variety, sophistication and reach of online fraud schemes is unprecedented. Europol expects online fraud to outpace other types of serious and organised crime as it is being accelerated by AI, aiding social engineering and access to data.”
Authorities Target €460M Laundered in Crypto Fraud
The enforcement focuses on over €460 million illicitly laundered from victims. Financial markets are observing these developments, with no evidence pointing to an advertising crackdown involving X.
Authorities have not reported changes in TVL or asset flows linked to an ad fine for X. Efforts aim at confiscating illicit crypto, with no action on regulated assets such as mainstream cryptocurrencies.
Spain’s Historical Stance: Fraud Over Ad Penalties
Spain has a history of tackling crypto fraud, including major laundering schemes. Previous operations involved cross-border strategies and identity impersonation, but no records link X with advertising fines.
Experts from Kanalcoin suggest that these operations reinforce Spain’s focus on tackling fraud rather than pursuing new advertising policies against social media platforms like X.
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