Spanish regulators have launched the country’s first-ever crypto advertising probe after a tech firm rolled out two “massive” campaigns that they claim failed to abide by crypto promotion rules.
As reported by Reuters, the National Securities Market Commission (CNMV) has launched a case against Spanish technology provider Miolos S.L. for two crypto-related advertising campaigns it ran between September and November last year.
On Wednesday, the CNMV claimed that Miolos S.L. failed to include warnings and relevant information about the risky nature of crypto assets. In addition, it says the firm failed to communicate with regulators prior to the campaigns’ launches.
A supervisor for the CNMV said, “This is the first sanctioning proceeding to be opened for non-compliance with the circular regulating the advertising of cryptoassets.”
According to Reuters, the CNMV is also investigating four more incidents that relate to similar breaches of crypto advertising that may have taken place.
Any firm wanting to advertise crypto assets must reportedly give the CNMV at least 10 days notice before publishing their adverts to an audience exceeding 100,000 people.
The CNMV noted that today’s proceedings do not prejudge the final result of the case.