This article explains how to advertise crypto and financial products lawfully in the European Union and the United Kingdom. We cover what the EU Markets in Crypto-Assets Regulation (MiCA) requires from ads for tokens and crypto services, how the UK financial promotions regime supervised by the Financial Conduct Authority (FCA) works, who is responsible for posts by influencers and affiliates, and what conditions ad platforms set. The focus is on crypto-assets and selected rules for investment products. Consumer credit, insurance and investment funds are subject to additional product-specific rules and are not covered in detail here.
Checked on 2 November 2026. Rules and sources are current as of this date.
Why these ads have their own rules
Ordinary ads are checked for honesty and for hidden paid content. Ads for financial products and crypto are also subject to financial regulation, because a person can lose money rather than just buy a poor product. So regulators look at three things.
What is advertised
A token, an exchange or exchanger service, an investment product or credit. This decides which law applies and which warnings are mandatory.
Who spreads it
The company itself, its partner, an affiliate or an influencer. The company is responsible, and in some cases so is the person who published the post.
Who it targets
An office outside the EU or the UK does not exempt a firm from local rules. Under MiCA, powers lie with the authority of the country where the ad is disseminated. In the UK the restriction also covers a communication from abroad if it is capable of having an effect in the UK (section 21(3) FSMA).
EU. What MiCA requires
MiCA sets rules for ads (marketing communications in the text of the Regulation) in two places. Article 7 covers ads for crypto-assets themselves in an offer to the public or admission to trading. Article 66 covers crypto-asset service providers (CASPs), that is exchanges, exchangers, custodial wallets and brokers. Asset-referenced tokens (ARTs) and e-money tokens (EMTs) are covered by Articles 29 and 53, whose requirements differ, as explained below.
The ad must be recognisable
The reader must see at once that this is an ad (Article 7(1)(a)). A post styled as an independent review or news item does not meet this requirement.
Article 7Fair, clear and not misleading
You cannot promise returns that do not exist, hide risks or present a token as risk-free (Article 7(1)(b)).
Consistent with the white paper
If the token needs a white paper, the ad cannot contradict it. It must state clearly that a white paper has been published and give the offeror’s website, telephone number and email address (Article 7(1)(c) and (d)).
Mandatory statement
The ad must carry the clear and prominent statement set by Article 7(1)(e). “This crypto-asset marketing communication has not been reviewed or approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset marketing communication.” Where the person seeking admission to trading or the trading platform operator prepared the ad, that party replaces the word offeror.
Not before the white paper is published
Where a white paper is required, no ads may be disseminated before it is published (Article 7(2)). Market soundings are not affected by this rule.
Ads for an exchange or exchanger
A CASP must give clients fair, clear and not misleading information, including in ads, and identify ads as such. It must not deliberately or negligently mislead a client about the advantages of crypto-assets and must warn clients of the risks (Article 66(2) and (3)). A firm providing crypto services to EU clients must generally hold a CASP licence under Article 59 or be a financial institution that has notified its authority under Article 60. We covered the licence in our article on the CASP licence under MiCA. A third-country firm cannot rely on the reverse solicitation exemption in Article 61 if it actively attracts EU clients through ads, promotions, affiliates or other marketing.
Investment products
Where an investment firm gives clients or prospective clients information on investment services or financial instruments, that information, including ads, must be fair, clear and not misleading, and ads must be clearly identifiable (Article 24(3) MiFID II, Directive 2014/65/EU). This is a rule for investment firms, not a general rule for any investment ad.
General consumer rules
The Unfair Commercial Practices Directive bans presenting paid promotion as editorial content without making clear that it was paid for (point 11 of Annex I to Directive 2005/29/EC). This also covers influencer posts.
| Ad requirement | Other crypto-assets (Art. 7) | ART (Art. 29) | EMT (Art. 53) |
|---|---|---|---|
| Identifiable as an ad, fair and clear | Yes | Yes | Yes |
| Consistent with the white paper | Where a white paper is required | Yes | Yes |
| Website, phone and email of the issuer or offeror | Yes | Yes | Yes |
| Statement that no authority approved the ad | Yes | No | No |
| Statement on the right of redemption | No | At any time | At any time and at par value |
Compliance with Article 7 is assessed by the authority of the country where the ad is disseminated (Article 7(3)). If a Maltese company runs a campaign in France, the French authority can raise questions about it.
United Kingdom. The financial promotions regime
The UK has a general ban. In the course of business you may not invite or induce people to engage in investment activity unless the promotion is made or approved by an FCA-authorised person or falls under an exemption (section 21 of the Financial Services and Markets Act 2000, FSMA). Since 8 October 2023 qualifying cryptoassets have been covered by this regime. This is not every digital asset. The scope depends on the statutory definition and its exclusions, for example for e-money and assets that are already regulated investments.
Four lawful routes
A crypto promotion may be communicated by an FCA-authorised firm, approved by an FCA-authorised person, communicated by a crypto firm registered with the FCA under the money laundering rules, or fall under an exemption in the Financial Promotion Order. The third route has conditions (Article 73ZA of the Order). Where a promotion is communicated on behalf of a registered firm, for example by an influencer or affiliate, it must be a non-real-time communication and the firm itself must have prepared its content.
Location does not matter
The FCA states that the rules apply to firms wherever they are based, if the promotion is aimed at UK consumers.
Risk warnings
A promotion must carry a prominent risk warning. The FCA gives an example. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. In addition, a new consumer must see a personalised risk warning with their name and a link to a risk summary before a direct offer (COBS 4.12A.20R). It must come before client categorisation and the appropriateness assessment and is a separate requirement.
No bonuses
A firm communicating or approving a promotion must not offer retail clients monetary or non-monetary incentives to invest in qualifying cryptoassets. This covers refer-a-friend bonuses, cashback, investment bonuses and other benefits linked to investing, subject to narrow exceptions in the FCA rules.
Cooling-off period
When a new retail consumer requests a direct offer financial promotion, the firm must let at least 24 hours pass before showing it. After that the consumer is asked to choose whether to continue or leave, with both options given equal prominence.
Categorisation and appropriateness
Before a direct offer the firm categorises the client. It then carries out an appropriateness assessment of whether the client has the knowledge and experience to understand the risks. If the product is assessed as not appropriate, the client cannot proceed.
Communicating a promotion in breach of section 21 FSMA may be an offence under section 25. According to the FCA, it is punishable by an unlimited fine and/or up to two years in prison. Liability depends on each participant’s role and on whether the promotion was made or approved through a lawful route. An advertiser and an influencer are not automatically guilty merely because they took part in the same campaign.
The UK has made the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. According to the FCA, the new regime is expected from 25 October 2027, and crypto firms will need full FCA authorisation. The Regulations omit Article 73ZA, the separate route for firms registered under the money laundering rules. Firms can already apply for authorisation and should follow the FCA’s transitional arrangements.
EU and UK compared
| EU (MiCA) | United Kingdom (FSMA and FCA rules) | |
|---|---|---|
| Who may advertise crypto services | A licensed CASP, a financial institution notified under Article 60 or a token offeror with a published white paper | An FCA-authorised person, an approved promotion, a registered crypto firm or an exemption |
| Mandatory text | A statement that the ad is not approved by an authority, a reference to the white paper and contact details | A prominent risk warning |
| Bonuses and incentives | No direct ban in MiCA, but the ad must not mislead | Refer-a-friend bonuses and other incentives are banned |
| Protecting new clients | Risk warnings from the CASP | A personalised risk warning, 24 hours before a direct offer is shown, categorisation and an appropriateness assessment |
| Consequences of a breach | Measures by the national authority under Article 94 and sanctions under national law | Criminal liability, up to 2 years in prison and/or a fine |
We will check the creatives, influencer contracts and target countries before launch.
Influencers and partners
Most breaches happen not in the company’s own ads but in posts by influencers and affiliates paid to bring in clients. Regulators treat these posts as ads, and both the company and the author are responsible.
United Kingdom
In FG24/1, its guidance on financial promotions on social media, the FCA says that an unauthorised influencer who promotes a regulated product without approval from an authorised person may be committing a criminal offence. A promotion must give a balanced view of benefits and risks.
EU
An influencer’s paid post may be a marketing communication under MiCA where it relates to a public offer or admission to trading of a token. Article 7 then applies, and the offeror is expressly responsible for the content (Article 7(1)(e)). The influencer may face separate liability under consumer protection, advertising and national law, depending on their role. A hidden paid integration without a label breaches the Unfair Commercial Practices Directive.
What to put in the contract
Approval of every creative before publication, mandatory labels and warnings, a ban on promising returns, a ban on targeting countries without a licence, the company’s right to have a post removed and the partner’s liability for breaches. This is our practice, not a legal requirement.
We covered the general rules for working with influencers and platforms in our article on what to check in digital marketing before you launch a campaign.
Ad platform requirements
A platform may reject even a lawful ad. Large platforms have their own rules for financial products and crypto, and they are often stricter than the law.
Since 23 April 2025 only a company with a CASP licence under MiCA that meets local requirements and is certified by Google may advertise crypto exchanges and software wallets in EU countries. Hardware wallets are an exception. They need no CASP licence if the device only stores private keys and does not offer buying, selling or exchanging crypto, but Google certification and compliance with local law are still required. National licences in France, Germany and Finland were accepted only for each country’s transitional period. All of these ended by 1 July 2026, and Google now accepts only MiCA licences.
Google also bans some categories regardless of any licence. Ads may not lead to pages that aggregate or compare cryptocurrency issuers or related products. Google’s examples include aggregators, affiliate sites with broker reviews, trading signals and investment advice. Ads for ICOs, DeFi trading protocols, IDOs, token liquidity pools, unhosted software wallets and unregulated dApps are also not allowed. A website can comply with financial regulation and still be ineligible for Google Ads.
Platform rules change more often than laws. Before launching a campaign, check each platform’s current policy and get certified in advance.
Regulator decision
On 20 February 2026 the FCA reported that seven influencers had pleaded guilty to issuing unauthorised financial promotions on Instagram. They promoted a foreign exchange trading scheme that had no FCA authorisation. Their accounts had a combined following of 4.5 million. Southwark Crown Court imposed fines from £600 to £3,750 and ordered costs, and two of them received a conditional or absolute discharge.
What it means for the market. The case concerned a foreign exchange scheme rather than crypto, but it shows that section 21 FSMA applies to promotions by social media influencers. The fines are small, but all seven were found guilty of a criminal offence. The FCA pursues not only the companies that order ads but also the authors of posts. An influencer should ask the client who approved the promotion, and a company must be able to show it.
Case study
A crypto exchanger is registered outside the EU and has no CASP licence. Its marketing team has agreed with influencers on posts with a promo code for a EUR 20 bonus on the first trade and plans Google ads targeting Germany and the UK.
What is wrong. Without a CASP licence it cannot provide services to EU clients, and so cannot advertise them. Google will not accept such ads in the EU. In the UK the first-trade bonus falls under the incentives ban, and the promotion itself, without a lawful route, may be a criminal offence. Whether the company or the influencers are liable depends on each one’s role. The options are to get a licence first or work through a licensed partner, drop bonuses for the UK audience and stop showing ads in these countries until this is solved.
Checks before launching a campaign
Define target countries
For each country, check whether the company may provide and advertise the service there.
Start hereMatch the documents
A token ad must not contradict the white paper, and a service ad must match the client terms.
Add mandatory text
The MiCA Article 7 statement for the EU, a risk warning for the UK and an ad label in every format.
Remove risky promises
Guaranteed returns, “no risk”, refer-a-friend bonuses for the UK, urgency such as “only until tomorrow”.
Put partners on contract
Contracts with influencers and affiliates with creative approval, country limits and liability for breaches.
Get platform certification
Google and other platforms require separate confirmation of the licence. Allow time for this before the campaign starts.
An advertiser’s licence does not guarantee that a platform or another country’s regulator will accept the ad.LegalBit team
FAQ
Can a crypto exchange advertise in the EU without a CASP licence?
As a rule, no. Since the transitional period ended on 1 July 2026, crypto services may be provided to EU clients only with a CASP licence or, for already regulated financial institutions, after an Article 60 notification. Active advertising prevents a third-country firm from relying on reverse solicitation. Google also accepts crypto exchange ads in the EU only from companies with a MiCA licence.
Is the statement that the ad is not approved by an authority mandatory?
Yes, for crypto-asset ads under Article 7 MiCA. It must be clear and prominent, together with a reference to the white paper and the offeror’s contact details.
Is an influencer liable for crypto ads?
In the UK, they can be. Communicating a promotion without a lawful route may be a criminal offence, and liability depends on the influencer’s role. In 2026 a court has already fined influencers for promoting a foreign exchange scheme. In the EU, hidden paid ads breach the rules on unfair commercial practices.
Can I offer a sign-up or refer-a-friend bonus?
In the UK, refer-a-friend bonuses and other incentives to invest in crypto-assets are banned. In the EU there is no direct ban in MiCA, but a bonus must not mislead or hide risks, and national rules may be stricter.
Do UK rules apply to a company from another country?
Yes. The FCA says the regime applies to firms wherever they are based if the promotion is aimed at UK consumers.
See also: CASP licence under MiCA; What to check in digital marketing before you launch a campaign; Travel Rule for crypto companies.
Sources14 documents
- UK legislation: Financial Promotion Order 2005, Article 73ZA
- FCA: assessing compliance with “back end” cryptoasset financial promotions rules
- FCA: new regime for cryptoasset regulation, Cryptoassets Regulations 2026
- Google Ads: Cryptocurrencies and related products policy
- EUR-Lex: Regulation (EU) 2023/1114 (MiCA), Articles 7, 29, 53, 66 and 94
- ESMA: Interactive Single Rulebook, MiCA Article 7
- EUR-Lex: Directive 2014/65/EU (MiFID II), Article 24
- EUR-Lex: Directive 2005/29/EC on unfair commercial practices, Annex I
- UK legislation: Financial Services and Markets Act 2000, section 21
- FCA: new rules for marketing cryptoassets
- FCA: expectations ahead of incoming crypto marketing rules, 7 September 2023
- FCA: FG24/1, finalised guidance on financial promotions on social media, 26 March 2024
- FCA: influencers fined for issuing unauthorised financial promotions, 20 February 2026
- Google Ads: updates to cryptocurrency advertising policy in the EU, April 2025
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