X, the social media platform formerly known as Twitter, has been fined €5 million by Spain’s National Securities Market Commission (CNMV) for advertising from an unlicensed crypto firm. This penalty underscores the growing regulatory scrutiny of Elon Musk’s ventures and their responsibility for financial promotions on their platforms. The decision follows Spain’s tightening regulations concerning crypto assets, particularly after a wave of scams targeting Spanish citizens using celebrities’ images to lure investors in 2022. Spain has implemented new rules requiring platforms to verify that firms promoting investment services are properly licensed, as per Law 6/2023 on Securities Markets and Investment Services.