Financial investments under scrutiny: online advertising in the regulators’ crosshairs

• The overview: introduction to the topic and presentation of the issues
• The rise of online financial investments and advertising
• The regulators facing the risks linked to advertising online investments
• The key role of the Autorité des marchés financiers (AMF) and the Autorité de régulation professionnelle de la publicité (ARPP)
• The measures implemented to regulate advertising for risky financial products
• The impact of influencers and social media on promotion of investments
• Practical cases and concrete examples of scams and misleading advertising
• Perspectives for future regulation and recommendations for investors
• FAQ on supervision of financial investments and online advertising

The rising prominence of online financial investments and online advertising

For several years, financial investments, especially those accessible online via platforms such as Binance, Boursorama, or Fortuneo, have experienced significant growth. This expansion is accompanied by an explosion of online advertisements promoting often enticing returns. These ads primarily target individuals, promising quick gains, sometimes involving complex products like binary options or Forex.

The ease of access to these platforms, strengthened by the democratization of smartphones and payment or fintech apps like Lydia or N26, has fueled interest in these investments. Meanwhile, traditional banks such as Société Générale or Crédit Agricole are integrating these investment offers into their digital catalog, increasing visibility to a wider audience.

However, this rapid development has its drawbacks. Many of these advertisements exaggerate the profits while downplaying the risks. Trading on volatile markets – Forex, commodities, or indices – is often presented as a straightforward opportunity, even though losses can be substantial. This underscores the importance of increased oversight by relevant authorities to protect investors.

In this context, Autorité des marchés financiers (AMF) and the Autorité de régulation professionnelle de la publicité (ARPP) play crucial roles. Their goal is to ensure clear, honest, and balanced information is accessible to the general public. These organizations regularly update their recommendations and blacklists, particularly concerning unregulated sites such as fxntrade.com or tradmaker.com, which promote risky investments without adequate guarantees.

It is important to remember that investors have tools at their disposal to verify the regulation of platforms, notably through the financial agents register available on regafi.fr. This helps avoid common web pitfalls.

• Explosion of online advertising for financial investments
• Ease of access via fintech apps (Lydia, N26)
• Participation of traditional banks like Société Générale and Crédit Agricole
• Multiplication of complex products (Forex, binary options, commodities)

Type of Investment	Main online actors	Associated risk	Regulation status
Forex	Binance, FxNTrade.com (unregulated)	Very high, significant volatility	Regulated for some, blacklisted for others
Binary options	Specialized sites, some fraudulent	Extremely high, risk of rapid losses	Progressively banned in France
Common stocks	Boursorama, Fortuneo, Hello bank!	Variable, depending on the product	Regulated by the AMF
Atypical products (gold, wine, art)	Niche online platforms	Variable, often high	Specific recommendations by ARPP

Regulators facing risks related to online advertising of financial investments

In response to the surge in online advertising for sometimes highly risky financial products, authorities like the AMF and the ARPP have intensified their monitoring efforts. The proliferation of unregulated sites offering trading in markets like Forex or binary options is not just an isolated phenomenon but a major issue for safeguarding savers.

The AMF, in collaboration with the Autorité de contrôle prudentiel et de résolution (ACPR), regularly publishes a blacklist of unauthorized platforms. Since 2011, this list has been updated several times to include problematic sites such as tradmaker.com. The goal is clear: provide consumers with a means to verify the reliability of financial intermediaries before investing.

Furthermore, the ARPP has introduced a recommendation imposing strict rules on advertisements related to financial products. This recommendation covers all media and all types of investments, except for regulated savings accounts. It specifically requires clear mention of return rates and past performances, with a balanced presentation of gains and associated risks.

These measures aim to prevent advertising from portraying these investments as a game or an easy way to get rich, especially during training phases with virtual money. They also prohibit minimizing or completely hiding risks. Vigilance extends to ads promoting atypical investments such as gold or art, which can also mislead inexperienced investors.

• Regular publication of blacklists by the AMF and the ACPR
• Clear and precise recommendations by the ARPP on advertising content
• Obligation to balance promoting gains and exposing risks
• Prohibition of presenting investments as a simple game
• Extension of recommendations to atypical investments

Measures	Goals	Expected impact
Blacklist of unregulated sites	Protect investors from fraudulent platforms	Dissuasion and better information for individuals
ARPP recommendations on advertising	Guarantee honest information about financial products	Reduction in misleading ads and scam risks
Performance transparency requirement	Ensure easy understanding	Encourage informed investment decisions

The central role of the Autorité des marchés financiers (AMF) in monitoring online advertising

The AMF remains the cornerstone of financial investment regulation in France. It has extensive powers that enable it to monitor online advertising, identify abusive practices, and take urgent measures to protect savers. Its role is even more crucial with the emergence of new digital distribution channels.

The AMF works in coordination with other national bodies like the Autorité de régulation professionnelle de la publicité (ARPP) and with European organizations to harmonize rules within a globalized market. This cooperation is vital when dealing with international platforms like Binance, which attract large audiences but sometimes escape clear regulation.

The blacklist provided by the AMF is a heavily used tool. It helps detect fraudulent or non-authorized sites, such as fxntrade.com, which offer leverage products without sufficient guarantees. This provides concrete protection for individuals seeking to navigate safely toward compliant investment instruments.

When an infringement is detected, the AMF can initiate targeted procedures, ranging from financial sanctions to activity suspensions. It also promotes certifications for financial influencers to regulate their messages and reduce scam risks. This work aims to restore investor confidence and maintain market stability.

• Proactive online advertising supervision by the AMF
• National and European cooperation to regulate international platforms
• Continuous update of the blacklist of unauthorized sites
• Sanction procedures against fraudulent actors
• Management of financial influencer certifications

Actions by the AMF	Areas of intervention	Impact on investors
Publishing alerts and blacklists	Unauthorized sites, high-risk products	Protection against fraudulent platforms
Administrative and judicial sanctions	Misleading advertising, regulatory violations	Deterrence of illegal practices
Certification of financial influencers	Public communication	Improved quality of information

The measures put in place to regulate advertising for risky financial products

To prevent advertising from becoming a vehicle for scams, several specific measures have been introduced by the ARPP and the AMF. These rules govern both the form and substance of promotional messages broadcast across all media, including the internet.

The recommendation dated prior to April 23, 2014, remains a central foundation. It requires that information clearly include:

• The remuneration rate, presented in a clear and audible manner
• Past performances, without guarantee of repetition
• An balanced presentation of risks and benefits
• The prohibition of downplaying financial commitments
• The bans on staging that equate investments with gambling

These provisions are extended to specific leveraged financial products, such as Forex and binary options, which involve high risks often misunderstood by an untrained audience. Simultaneously, special attention is given to atypical products, often promoted in niche sectors, where the risk of misinformation is equally high.

This regulation also mandates increased transparency on platforms used by digital and traditional banks — N26, Hello bank!, Société Générale, Crédit Agricole — which must rigorously comply with these standards in their communication and advertising. The rules establish a strengthened legal-advertising framework that also encourages accountability among marketers and influencers.

Advertising requirements	Expected benefits	Responsible parties
Clear mention of rates and performances	Transparent information for investors	Banks, trading platforms, influencers
Balance between gains and risks	Reduction of false hopes regarding financial promises	Advertising agencies, regulators
Prohibition of presenting investment as a game	Better prevention of risky behaviors	Influencers, media, platforms

The growing influence of social networks and financial influencers

Social media platforms are today an essential channel for advertising financial investments. Platforms like Instagram, TikTok, and even Twitter host content promoted by influencers, sometimes uncertified, recommending various investments – cryptocurrencies, stocks, NFTs – often with little rigor or transparency about the risks involved.

For example, recent investigations reveal that groups of influencers based in Dubai, but primarily targeting a French audience, are under investigation by the AMF and the DGCCRF. They are suspected of promoting high-risk financial products without respecting advertising standards, thus creating fertile ground for scams.

This situation has led to the creation of a certification called “Responsible Financial Influencing,” aiming to identify and promote influencers who adhere to the rules and publish reliable content, thereby reinforcing public trust.

• Explosion of advertising via influencers on Instagram, TikTok, Twitter
• Risk of misleading content and promotion of high-risk products
• Investigations and strict monitoring by the AMF and DGCCRF
• Creation of certifications for responsibility and transparency
• Growing need for public education and awareness

Platform	Role in promotion	Risk	Control measures
Instagram	Sponsored posts, stories	Promotion without risk disclosure	Influencer certification
TikTok	Virally short videos	Simplified messages obscuring risks	Active monitoring by the AMF
Twitter	Recommendations, threads	Potential disinformation	Alerts and sanctions

Concrete examples of scams and misleading advertising related to financial investments

The proliferation of online platforms without consistent oversight has led to an increase in scams. For example, the site Commercewealth.com, which has become infamous, saw many users lose substantial sums believing in promises of high and guaranteed gains.

It should also be noted that, for a long time, the responsibility of banks in such frauds could not be engaged, which slowed judicial response. It is only in recent years that legislative changes have allowed for more firm involvement of financial institutions that may facilitate such scams.

The advertising campaigns promoting online trading, whether Forex or binary options, often overvalue profits and minimize risks. Some messages depict simulated virtual money scenes but never clearly explain the real dangers involved.

• Commercewealth.com: major example of an online scam
• Delayed banking accountability in frauds
• Overselling gains and downplaying risks in ads
• Deceptive use of virtual money to attract investors
• Ongoing judicial and regulatory actions

Site or case	Type of scam	Consequence	Actions taken
Commercewealth.com	Unfounded promises about online trading	Significant financial losses	Ongoing investigation and potential sanctions
Advertising binary options	Omission of real risks	Increase in victims	Progressive banning and blocking of ads
Unregulated Forex	Offers without license or approval	Frequent scams	Regular update of the AMF blacklist

Future perspectives on regulation and advice for seasoned and novice investors

The current context shows a growing awareness among authorities of the need to adapt regulation to digital realities. The idea of banning online advertising for certain high-risk products continues to gain ground, as does the gradual implementation of mandatory certifications for financial influencers and advertisers.

In addition, the deployment of secure platforms by recognized actors, such as Boursorama or Fortuneo, makes it easier for individuals concerned with safety to choose reliable options. Banks like Société Générale and Crédit Agricole are strengthening their informational tools to educate their clients about risks and good practices. Banking apps are increasingly adopting this educational trend.

For investors, whether beginners or experienced, it is essential to:

• Verify the authorization and regulation of proposed platforms
• Consult blacklists published by the AMF
• Carefully read advertisements and check for risk disclosures
• Beware of overly enticing promises, especially on social networks
• Prioritize reputable actors, regulated banks, and platforms

Advice	Benefit	Example
Verify regulation via Regafi	Legal security	Sites like Boursorama and Fortuneo
Exercise caution with advertisements	Reduce fraud risks	Reporting via Signal Conso
Choose established actors	Service reliability	Société Générale, Crédit Agricole, Hello bank!

FAQ: frequently asked questions about online advertising of financial investments

• How can I tell if a trading site is regulated?
  You should consult the register of financial agents at regafi.fr or verify if it appears on the AMF blacklist.
• What risks are associated with Forex or binary options investments?
  These investments are highly leveraged and can lead to rapid and significant financial losses.
• What should I do if I encounter misleading advertising?
  You can report abuses via the platform Signal Conso or contact the AMF.
• Why is advertising for certain products prohibited?
  Because these products carry very high risks and can mislead retail investors.
• Are influencers controlled by the authorities?
  The AMF has implemented certifications to regulate their communication, but monitoring remains a constant challenge.