Italy’s securities regulator, the Commissione Nazionale per le Societa e la Borsa (CONSOB), has amplified a new factsheet from the European Securities and Markets Authority (ESMA), warning social media finance influencers, or “finfluencers,” that European Union rules on investment recommendations and advertising apply fully to crypto and “get rich quick” content.
In a Monday communication, CONSOB highlighted the ESMA’s finfluencers document, published on Thursday, which warns creators that “promoting a financial product or service isn’t like promoting shoes or watches.”
Pushing contracts for difference (CFDs), forex, futures, certain crowdfunding products, and volatile cryptocurrencies can, according to the communication, mean losing 100% of invested capital, and influencers remain legally responsible for what they post, even if they are not finance professionals.
The ESMA’s factsheet also stresses that paid partnerships must be clearly labeled as advertising. Short disclaimers like “this is not financial advice” do not neutralize regulatory obligations, and giving personalized investment tips without a licence may amount to regulated investment advice.
Notice for Finfluencers. Source: ESMA
The CONSOB notice highlights the ESMA’s messaging, urging users to distrust “get rich quick” claims and influencers to check whether the operators they communicate with are authorized, to avoid facilitating crypto scams.
Related: Victim of a crypto scam? Here’s what to do next
ESMA and national regulators tighten the net
CONSOB’s notice slots into a wider European clampdown on finfluencers. The ESMA first addressed investment recommendations on social media in an October 2021 public statement under the Market Abuse Regulation, warning that misleading posts and undisclosed conflicts can qualify as market abuse or non‑compliant investment recommendations.
The authority notes that breaches can carry administrative fines of up to 5 million euros (around $5.8 million) for individuals, with higher ceilings for firms, and that in some EU states market abuse offences can be criminally prosecuted.
Other national regulators have already experimented with tailored finfluencer tools. In 2023, France’s Autorité des marchés financiers and the advertising authority, Autorité de Régulation Professionnelle de la Publicité (ARPP), launched a Responsible Influence Certificate, a training and testing scheme required for influencers who want to work with ARPP member brands on financial promotions, including crypto.
In the United Kingdom, the Financial Conduct Authority also finalized its social media financial promotions guidance in 2024 and later fronted a campaign with “Love Island” star Sharon Gaffka to warn that unauthorized or non‑compliant investment and crypto promotions could amount to illegal financial promotions.
Related: Influencers shilling memecoin scams face severe legal consequences
Celebrity and creator crackdowns
The regulatory focus reflects a broader backlash against celebrity and creator‑led hype around risky products.
In 2022, the United States Securities and Exchange Commission fined Kim Kardashian $1.26 million for unlawfully touting EthereumMax (EMAX) tokens on Instagram without properly disclosing a $250,000 payment.
A separate class action lawsuit in 2023 targeted a group of so‑called “FTX influencers,” seeking $1 billion in compensation, alleging that prominent YouTubers and other online personalities misled followers by promoting products linked to the collapsed exchange.
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