Italy’s financial regulator, CONSOB, has shared a new warning from the European Securities and Markets Authority (ESMA) aimed at social media finance influencers, known as “finfluencers”.
The message reminds them that European Union rules on investment promotions also apply to crypto-related and “easy money” content shared online.
In its recent notice, CONSOB drew attention to ESMA’s factsheet released on January 8. The document makes clear that promoting investments is not the same as promoting lifestyle products.
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The notice explains that promoting high-risk products, such as contracts for difference (CFDs), forex trading, futures, certain crowdfunding services, or unstable cryptocurrencies, can result in the loss of all invested funds.
It also warns that influencers are legally responsible for what they post, even if they are not trained finance professionals.
ESMA’s paper also points out that paid promotions must be clearly marked as advertising. Adding a short disclaimer such as “this is not financial advice” does not remove legal duties.
Giving personalized investment advice without a proper license may also constitute regulated investment advice.
CONSOB advised users to question “get rich quick” claims and reminded influencers to confirm that any companies or platforms they promote are properly authorized.
The UK Financial Conduct Authority (FCA) recently announced a schedule for a new crypto licensing system that will begin in September 2026. What did the agency say? Read the full story.
