AFM Finds Crypto Firm Advertising, Cost Information Shortcomings
Summary
The AFM examined 33 crypto-asset service providers (CASPs) for compliance with MiCAR advertising and cost disclosure requirements, finding significant shortcomings at 14 firms in advertising and 19 firms in cost information. Dutch CASPs will receive supervisory letters, while the ten international firms identified will be reported to their respective national regulators. Executive board member Hanzo van Beusekom stated the period of leniency has ended, signalling that continued non-compliance will result in enforcement action.
CASPs with Dutch-facing operations should treat the AFM's findings as a compliance benchmark. The 14 firms with advertising deficiencies and 19 with cost information gaps represent a statistically significant sample indicating systemic non-compliance across the sector. Given the explicit statement that leniency has ended, firms currently out of compliance should proactively remediate before receiving a supervisory letter.
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What changed
The AFM study found that CASPs operating in the Dutch market frequently failed to meet MiCAR standards requiring fair, clear, and non-misleading information, with cost details placed prominently on websites. Of 33 CASPs reviewed, significant advertising shortcomings were identified at 14 firms and significant cost information deficiencies at 19 firms. The AFM will issue supervisory letters to Dutch CASPs and notify international regulators about the ten foreign firms with deficiencies.
CASPs actively serving Dutch consumers should treat this as a clear enforcement signal. The AFM's explicit statement that the period of leniency has ended indicates supervisory letters will be followed by formal enforcement action for persistent non-compliance. Firms that have not yet reviewed their advertising and cost disclosure practices against MiCAR requirements should do so immediately, particularly ensuring risk disclosures are balanced and cost information is easily accessible from the homepage.
Archived snapshot
Apr 22, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Press release 16/04/26
Shortcomings in advertising and cost information for crypto parties
Crypto-asset service providers (CASPs) have taken steps to improve their advertising and cost information, but incorrect, unclear or misleading information is still too common. Shortcomings have been found in both Dutch and international companies that actively serve the Dutch market. The Dutch Authority for the Financial Markets (AFM) is concerned about this: anyone who continues to violate the standards for the provision of information should expect enforcement action.
In short
- Sector must take responsibility
- Information provided is often of insufficient quality
- Ongoing supervision and enforcement where necessary
Sector must take responsibility
'We see that some companies are really doing their best, but at the same time too many CASPs are lagging behind. Now is the time for the sector to take responsibility. The period of leniency has ended,' says Hanzo van Beusekom, executive board member at the AFM.
Under the MiCAR regulation, CASPs must provide 'fair , clear and not misleading information' and place information about costs in a prominent place on the website. For the study, the advertisements and cost information of 33 CASPs were examined. Among the companies examined, significant shortcomings in advertising were found at 14 CASPs, and significant shortcomings in cost information at 19 CASPs. The Dutch firms concerned will soon receive a supervisory letter. For the ten international firms, we will inform the relevant national regulators of the shortcomings identified.
Information provided is often of insufficient quality
Many advertisements were insufficiently balanced about the risks. For example, we still saw statements referring to 'safe' trading in crypto, without further explanation or clarification of the associated risks. For the provision of fair, clear and not misleading information, it is essential that risks are clearly disclosed and not downplayed, especially given the volatility of crypto-assets.
We have also come across some cases where information about costs is not publicly available in a prominent place on the website. Sometimes the information could not be found at all on the website, or could only be found by using external search engines. In other cases, the information was far away from the homepage, meaning consumers had to click several times to find the information.
Ongoing supervision and enforcement where necessary
This study is a follow-up on the study from early 2025, when MiCAR had just come into effect. In the current study, there were several CASPs that were hesitant to engage in marketing activities or did not have any marketing communications in the period under review, due to the necessary mitigation measures after the end of the transitional period on 30 June 2025. When these CASPs resume their marketing activities, it is essential that they ensure that the information they provide, including in advertising, complies with MiCAR standards. We will continuously monitor this and take enforcement actions where necessary.
In the report, we highlight five points for improvement, and include good practices:
- Avoid misleading claims and ensure that information is clearly substantiated
- Disclose the risks in a balanced way
- Ensure that information on costs is easy to find
- Provide consumers with clear and transparent information on costs
- Ensure clear information disclosure on services within and outside the scope of supervision
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More information
'Areas for improvement in information disclosure by CASPs' (pdf, 360 kB)
Contact for this article
Charlene Zikmund charlene.zikmund@afm.nl
+31 6 29 42 08 87
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