Fines up to a million: how Russia will punish illegal crypto advertising
The Russian digital assets market is entering a new phase of regulation, and advertising of crypto services is now becoming a field of strict oversight. Starting September 1, the rules of the game change dramatically: for violations, companies face fines ranging from 100,000 to 1 million rubles, and oversight is distributed across three agencies at once — FAS, Roskomnadzor, and the Bank of Russia. This is not just a formality, but a signal to the market: the era of gray promotional campaigns is over.
Mechanics of penalties: what violators face
Basic liability for unfair advertising for legal entities is stipulated in Part 1 of Article 14.3 of the Administrative Code and ranges from 100 to 500 thousand rubles. However, if it involves spam mailings without the recipient's consent, the fine increases to 1 million rubles. A separate layer of penalties concerns violations of internet advertising labeling and data transmission to the ERIR — here, Roskomnadzor acts as the chief supervisor. If the violator is a supervised exchanger or a digital depository operator, the Central Bank also joins the case.
The process of identifying violations is already streamlined. Any user, competitor, or even a random website visitor can file a complaint with FAS. The regulator also has the right to initiate an inspection on its own. The key piece of evidence is a recorded advertising material with clear wording. For example, if an exchanger places a banner saying "USDT at the best rate. Exchange in two minutes," this is a direct reason for proceedings.
FAS then evaluates the materials and, if there are grounds, initiates a case. The commission issues a decision recognizing the advertising as inappropriate, and then an order is issued to eliminate the violation. Notably, no court decision is required to impose a fine — FAS acts independently. A company can appeal the ruling, but only after it has been issued.
A new philosophy of regulation
Starting September 1, the very essence of the approach changes. In 2024, the state banned advertising of a virtually unregulated market, and by 2026 its institutionalization began: legal operators of circulation emerged, and with them — the opportunity to advertise their services. The formula is simple: cryptocurrency as such cannot be advertised, but infrastructure and regulated services already can be. This is one of the most practical changes of the new regulation.
However, the transition period adds uncertainty. The rules are already in effect, but the Central Bank registry, which grants the right to fully use the new norms, 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.
My analysis: This is a long-awaited step toward legalization, but it creates a zone of turbulence. Companies that want to avoid fines should already reconsider their advertising creatives and focus on describing services rather than promising profits. Caution in wording and full compliance with mandatory disclosures will become the main protection against regulator claims during this transition period.