The agency will require clarifications on these activities and could adopt “necessary measures.”
The CNMV threatens to impose sanctions on these influencers if they do not correct the non-compliance.
The National Securities Market Commission (CNMV) of Spain intensified its surveillance over the so-called finfluencersalso known as “influencers financial”.
After an exhaustive review of the social media activity of nearly 100 content creators, the supervisory body identified that 10% of them fail to comply with current regulations on investment recommendations or performs personalized advisory work without having the required license.
This action by the CNMV occurs in a context of growing proliferation of content about bitcoin (BTC) and other assets on digital platforms. As reported by the regulator on Thursday, April 9, 2026, the review aimed to verify compliance with Regulation (EU) 596/2014 on market abuse.
In the course of these investigations, cases were detected in which direct investment recommendations were published without meeting transparency standards. In this regard, the CNMV indicated:
Specific cases of influencers that they would have published direct investment recommendations without fully complying with the regulations. That is, without presenting them in a clear, exact and objective manner or without informing about possible interests or conflicts of interest of the person issuing those recommendations.
National Securities Market Commission of Spain.
Likewise, the supervisor detected profiles that provide personalized advice, an activity that, according to the Securities Markets Law and Regulation (EU) 2023/1114 (MiCA), is a “reserved activity that can only be carried out by people or entities registered with the CNMV.”
One of the most critical points of the review was the detection of a “finfluencer” that promoted a “financial chiringuito”—entities that operate without authorization—previously warned by the supervisor. The CNMV demanded that this creator—who was not identified by the regulator— the cessation of said promotion immediately.
To mitigate the risks of market manipulation and ensure that information on digital assets is reliable, the CNMV plans to publish two educational guides in the coming months. One will be aimed at investors to identify the risks of content on networks, and another, at content creators, detailing their legal obligations.
In addition, the organization plans organize a meeting day with advertisers and influencers in the last quarter of 2026 to unify criteria on the application of the current legal framework.
In this way, the CNMV indicated that it will contact these people to analyze their legal fit and, if necessary, request the immediate cessation of their activity. Furthermore, he warned that, if the requirements are not met, could impose economic sanctions on those responsible.
This control posture is not new, but it is more rigorous. Already in June 2021, the president of the CNMV, Rodrigo Buenaventura, called for collective responsibility, as reported by CriptoNoticias. At that time, he stated that there is a “shared responsibility” to prevent investors from falling for fraudulent offers.
With this measure, the Spanish regulator seeks to professionalize financial disclosure in the digital currency ecosystem, guaranteeing that any investment advice is complete, transparent and, above all, authorized by the laws of local securities markets.