Fines up to a million: how Russia will punish violations in crypto advertising
The Russian digital asset market is entering a new phase of regulation, and advertising of crypto services is now becoming an area of heightened legal liability. For violating the new rules, companies face fines ranging from 100 thousand to 1 million rubles, and oversight of compliance with the legislation is distributed among three key agencies at once: the FAS, Roskomnadzor, and the Bank of Russia. Let us break down the step-by-step mechanism for identifying and punishing violators.
Who punishes and for what
Basic liability for unfair advertising for legal entities is established by Part 1 of Article 14.3 of the Administrative Offenses Code and ranges from 100 to 500 thousand rubles. This concerns specifically advertising violations—for example, the dissemination of false information about cryptocurrency products. For unauthorized mass mailings, a separate and stricter offense is provided, where the fine for legal entities reaches 1 million rubles.
A separate area of liability concerns violations in the transfer of data on internet advertising and ERID labeling. Here, oversight is carried out by Roskomnadzor, and fines for companies also reach up to 500 thousand rubles. If the violator turns out to be a licensed exchanger or digital depositary, the Bank of Russia is also brought into the case, creating additional regulatory risks.
A practical example is illustrative. Suppose exchanger X places a large promo banner on its website with the text "USDT at the best rate. Exchange in two minutes. Buy now." Any user, competitor, or other person may file a complaint about it, and the FAS is also entitled to independently detect signs of a violation. For a complaint, the antimonopoly service recommends recording a full screenshot of the page, the website address, and the date the data was captured.
Next, the agency evaluates the materials and, if there are grounds, initiates a case on violation of advertising legislation. The FAS commission reviews it, and if the advertising is deemed improper, a decision is issued with an order to cease the violation or amend the advertising. Notably, no court appeal is required to impose the fine—the FAS issues the ruling independently. The company has the right to appeal the decision and the order subsequently.
A new philosophy of regulation
Starting September 1, the very philosophy of regulating crypto market advertising is changing. In 2024, the state first 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 is simple: cryptocurrency itself cannot be advertised, but crypto infrastructure and regulated services can be. This is one of the most practical changes in the new regulation. For the first time, the market gains the opportunity to quite legally tell the client: "we provide exchange services" or "we carry out digital accounting."
However, the transition period adds uncertainty. The new advertising rules are already in effect, but the Central Bank registry, which grants the right to use them in full, 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 the new requirements. Caution in wording and completeness of mandatory disclosures are becoming the main protection against regulator claims.
My expert assessment: This is a landmark step toward the legalization of the industry, but it creates unequal conditions for players. While the Central Bank registry is not yet populated, bona fide companies risk facing fines for being unable to formally confirm their status. I recommend reviewing advertising creatives and legal wording right now to minimize risks during the transition period.