Europe Tightens Crypto Finfluencer Rules As ESMA Widens Clampdown
- CONSOB signals coordinated EU enforcement as ESMA finfluencer rules expand across markets.
- Social media crypto promotions now face full EU investment and advertising regulations.
- Finfluencers remain liable for disclosures, authorization checks, and misleading crypto claims.
European regulators are increasing oversight of investment content on social media as crypto promotions spread across short videos, livestreams, and creator channels. Italy’s securities regulator CONSOB has amplified new guidance from the European Securities and Markets Authority (ESMA), adding Italy to a wider effort that seeks consistent enforcement across the European Union’s markets across EU borders.
ESMA announced its finfluencer factsheet on January 9, 2026, and CONSOB drew attention to it in a notice dated January 12, 2026. Both documents state that EU rules on investment recommendations and advertising apply when creators post about crypto assets, trading platforms, or high-risk strategies.
CONSOB echoes ESMA guidance on crypto promotions
CONSOB directed creators and investors to ESMA’s “tips for responsible promotion,” which warns that financial promotions require more care than consumer marketing. ESMA states that promoting a financial product “isn’t like promoting shoes or watches,” and it reminds creators that they remain responsible for posts even without financial credentials.
The ESMA factsheet lists products that finfluencers often market, including CFDs, forex, futures, certain crowdfunding offers, and volatile cryptocurrencies. It warns that followers can lose 100% of invested capital, especially when leverage enters the trade. CONSOB also urged the public to question “get rich quick” claims and to verify whether firms mentioned online hold the required authorisations.
EU Market Rules Extend to Social Media
ESMA has linked social media investment commentary to the EU Market Abuse Regulation for several years. In an October 28, 2021, public statement, ESMA explained how posts can qualify as investment recommendations and how undisclosed conflicts can breach EU requirements, even when a creator frames content as opinion.
ESMA has also highlighted the sanctions that can follow when posts cross into market abuse or non-compliant promotion. In a 2024 warning on social media investment recommendations, ESMA noted administrative fines of up to €5 million for natural persons and up to €15 million for legal persons for serious offences, while it described lower maximum fines for breaches of the investment recommendation regime. Some member states also allow criminal penalties for certain conduct.
Related: France Urges EU to Give ESMA Full Control Over Crypto
Growth of Coordinated Enforcement
European authorities have started to build practical compliance tools that target influencer marketing and referral models. In France, the AMF and ARPP launched a finance-focused “Responsible Influence Certificate” that sets standards for influencers who promote financial services and crypto-assets with participating brands.
Other regulators have used the same disclosure approach, which supports Europe’s push for consistent oversight. The UK Financial Conduct Authority finalised guidance in 2024 that applies financial promotion rules to social media and requires clear, fair messaging. In the United States, the SEC said in 2022 that Kim Kardashian agreed to a $1.26 million settlement tied to EthereumMax promotion disclosures, highlighting the legal risks linked to paid crypto endorsements.
For creators, the ESMA and CONSOB messaging sets concrete expectations. Paid partnerships need clear labels, and creators must not hide sponsorships behind vague hashtags. Performance claims must stay fair and not misleading, and personalised investment tips may require authorisation.
ESMA also warns that short disclaimers such as “not financial advice” do not remove legal duties. Regulators advise retail investors to stay sceptical of guaranteed returns and to check authorisation status before acting on social media trading tips.
