Italy’s securities regulator, CONSOB (Commissione Nazionale per le Società e la Borsa), has highlighted a new European Securities and Markets Authority (ESMA) factsheet warning social media finance influencers—or “finfluencers”—that EU rules on investment recommendations and advertising fully apply to crypto and “get rich quick” content.
In a Monday notice, CONSOB drew attention to ESMA’s guidance, released Thursday, which reminds creators that promoting financial products or services is not the same as marketing consumer goods like shoes or watches.
The guidance points out that promoting instruments such as contracts for difference (CFDs), forex, futures, certain crowdfunding products, or volatile cryptocurrencies carries the risk of investors losing 100% of their capital. Influencers remain legally accountable for their posts, even if they are not licensed finance professionals.
ESMA also emphasizes that paid partnerships must be clearly disclosed as advertising. Simple disclaimers like “this is not financial advice” do not exempt creators from regulatory obligations, and offering personalized investment tips without a license could constitute regulated investment advice.
The CONSOB notice underscores ESMA’s guidance, advising users to be skeptical of “get rich quick” claims and urging influencers to verify that the operators they promote are properly authorized, in order to avoid inadvertently facilitating crypto scams.
ESMA and national regulators tighten oversight
CONSOB’s alert forms part of a broader European crackdown on finfluencers. ESMA first addressed social media investment recommendations in October 2021 under the Market Abuse Regulation, warning that misleading posts or undisclosed conflicts of interest could constitute market abuse or non‑compliant investment advice.
Violations can carry administrative fines of up to €5 million ($5.8 million) for individuals, with higher limits for companies, and in some EU countries, market abuse offenses may be subject to criminal prosecution.
Several national regulators have introduced finfluencer-specific measures. In 2023, France’s Autorité des marchés financiers (AMF) and advertising authority ARPP launched a Responsible Influence Certificate, a training and testing program required for influencers promoting financial products, including crypto, on ARPP-member brands.
In the UK, the Financial Conduct Authority (FCA) finalized its social media financial promotions guidance in 2024 and ran a public awareness campaign featuring “Love Island” star Sharon Gaffka to warn that unauthorized or non-compliant crypto and investment promotions could be illegal.
Crackdowns on celebrities and creators
This regulatory scrutiny mirrors a broader pushback against celebrity and influencer hype around high-risk products.
In 2022, the U.S. Securities and Exchange Commission (SEC) fined Kim Kardashian $1.26 million for illegally promoting EthereumMax (EMAX) tokens on Instagram without disclosing a $250,000 payment.
A separate 2023 class-action lawsuit targeted several so-called “FTX influencers,” seeking $1 billion in damages and alleging that prominent YouTubers and online personalities misled followers by promoting products linked to the collapsed exchange.
