Fines up to a million: how Russia will punish violations in crypto advertising
Russia's digital asset market is entering a new phase of regulation. Starting this fall, companies face fines ranging from 100,000 to 1 million rubles for violating cryptocurrency advertising rules. Oversight of compliance is distributed among three key agencies: FAS, Roskomnadzor, and the Bank of Russia. We break down the step-by-step mechanics of identifying and punishing violators.
The basic advertising fine for a legal entity under Part 1 of Article 14.3 of the Administrative Code ranges from 100,000 to 500,000 rubles — this is the standard liability for improper advertising. However, for mass mailings without recipients' consent, a separate, significantly stricter offense is provided, where the fine reaches 1 million rubles.
Who punishes and for what
A separate layer of liability is built around violations of internet advertising labeling requirements (erid) and the transfer of data about it to the Unified Register. Here, Roskomnadzor acts as the chief overseer, with fines for companies reaching up to 500,000 rubles. If the violator turns out to be a regulated exchanger or a digital depository operator, oversight from the Central Bank is added on top of that.
The mechanism for initiating a case works as follows. For example, an exchanger places a large promo banner on its website: "USDT at the best rate. Exchange in two minutes. Buy now." A complaint can be filed by any user, competitor, or other party, or FAS may independently detect signs of a violation. The antitrust authority recommends recording a full screenshot of the page, the site address, and the date of capture.
Next, the agency evaluates the materials and, if there are grounds, initiates a case regarding a violation of advertising legislation. The review takes place in a FAS commission. If the advertising is deemed improper, a decision is issued and, if necessary, an order to cease the violation.
After that, the question of administrative liability under the Administrative Code is separately resolved, and a ruling on the fine is issued. FAS does not need to go to court to fine the company. The company has the right to subsequently appeal the issued decision, order, and ruling.
This sequence, as practice shows, demonstrates that identifying a violation most often begins with an external signal or an independent inspection. The key piece of evidence becomes the recorded advertising material with specific wording.
A new philosophy of regulation
As of September 1, the very philosophy of approaching crypto market advertising changes. In 2024, the state banned advertising of the effectively unregulated market. In 2026, this market began to be institutionalized: legal circulation organizers emerged, and along with them — the opportunity to advertise their activities.
The main formula becomes simple: cryptocurrency itself cannot be advertised, but cryptocurrency infrastructure and regulated services — now can be. This is one of the most practical changes of the new regulation. For the first time, the market gets the opportunity to legally tell the client: "we provide exchange services" or "we carry out digital accounting."
At the same time, the transition period adds uncertainty to the market. The new advertising rules are already in effect, but the Central Bank register, which grants the right to fully use them, is only being formed. Until July 1, 2027, many existing exchangers remain outside the new advertising regime.
In the coming months, market participants will have to balance between the old operating model and new requirements. Caution in wording and completeness of mandatory disclosures become the main defense against regulator claims.
My view: This is a landmark step — the separation of "asset" and "service" creates a precedent for civilized marketing in the industry. However, the key risk for businesses right now is not the fine itself, but the reputational consequences and blocking of advertising accounts, which may follow even for formal violations during the transition period.