Italy’s securities regulator, CONSOB, emphasizes ESMA’s warning to social media finance influencers about promoting risky products like CFDs and volatile cryptocurrencies, underlining legal responsibilities for misleading content. Paid partnerships must be clearly labeled as advertising, and giving investment tips without a license is regulated advice. Influencers urged to avoid facilitating crypto scams.

CONSOB’s notice is part of a broader EU crackdown on finfluencers, with ESMA addressing misleading social media posts under the Market Abuse Regulation, warning of administrative fines up to 5 million euros for individuals. National regulators like France’s AMF and ARPP have introduced influencer training schemes, while the UK FCA launched campaigns warning against illegal financial promotions.

Regulatory scrutiny targets celebrity and creator-led promotion of risky products, with the SEC fining Kim Kardashian for undisclosed EthereumMax promotion and a class action lawsuit against FTX influencers for misleading followers. This crackdown reflects a trend towards holding influencers accountable for promoting potentially harmful investments.

Read more at CoinTelegraph: Italy’s CONSOB Warns Finfluencers on ESMA Crypto Risk Rules