Italy’s CONSOB Warns Finfluencers as ESMA Steps Up Crypto Risk Alerts
On January 12, 2026, Italy’s securities regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB), out a clear message about a new factsheet from the European Securities and Markets Authority (ESMA). The alert is explicitly aimed at social media financial influencers, or “finfluencers,” who promote unstable investments such as cryptocurrency.
CONSOB made it clear that the rules governing investment advice and advertising apply to any crypto-related information. The regulator urged both influencers and their followers to be careful with these kinds of ads, especially those that promise quick riches.
The Focus of ESMA’s Finfluencer Factsheet
On January 9, 2026, ESMA its datasheet, which made clear the differences between financial promotions. The document makes it clear that “promoting a financial product or service isn’t the identical as promoting shoes or watches.”
It makes it clear that influencers are legally responsible for what they post, even if they lack financial training. Clear risk warnings, such as the risk of losing 100% of your invested funds, must be included in promotions for high-risk items, such as volatile cryptocurrencies.
ESMA the need to clahead disclose paid partnerships, gifts, compensation, or other perks. Creators can’t get out of compliance standards just by including short warnings like “this is not financial advice.”
The authority also warned against giving personalised investment advice without the proper licence, as this might breach regulations governing regulated advice.
Warnings Against “Get Rich Quick” Scams and Claims
Both CONSOB and ESMA told people not to believe “get rich quick” stories that are common in crypto marketing. Influencers were said to ensure the operators or initiatives they support had the proper licenses so they wouldn’t accidentally assist scammers.
The CONSOB notification is part of a broader European effort to curb the spread of false financial information on social media. In a in October 2021, ESMA first talked about investment advice on platforms under the Market Abuse Regulation.
The guidance said that misleading posts or conflicts of interest that weren’t made clear might be considered market abuse or non-compliant suggestions. Individuals could face fines of up to 5 million euros.
A Wider European Crackdown on Finfluencers
The Italian action shows that the EU is becoming increasingly strict. National authorities have put rules in place to hold influencers accountable for their impact on retail investors, especially new investors drawn to .
In 2023, the French government launched the Responsible Influence Certificate for individuals who promote financial products, such as cryptocurrencies. In 2024, the UK’s Financial Conduct Authority completed drafting rules for social media ads and launched initiatives to raise awareness of prohibited ads.
The U.S. fined Kim Kardashian $1.26 million in 2022 for promoting ETHMax without disclosing it. There are also continuing lawsuits against influencers associated with sites that have gone out of business.
What This Means For Crypto Promotions
These changes mean the rules governing the intersection of social media influence and are becoming stricter. Regulators want to secureguard regular people from losing money due to hype and ensure that promotions meet requirements to protect investors.
As the crypto markets evolve, influencers are under increasing pressure to follow the rules and be transparent about their activities, or they could face significant fines. The joint effort by CONSOB and ESMA shows that informal online endorsements are just as crucial as traditional financial advertising.
