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

• The summary: introduction to the subject and presentation of the issues
• The rise of online financial investments and advertising
• The regulators’ response to risks related to online advertising of investments
• The key role of the Autorité des marchés financiers (AMF) and the Autorité de régulation professionnelle de la publicité (ARPP)
• Measures implemented to regulate advertising of risky financial products
• The impact of influencers and social media on promotion of investments
• Case studies and concrete examples of scams and misleading advertisements
• Future outlook on regulation and recommendations for investors
• FAQ on monitoring financial investments and online advertising

The rising trend of online financial investments and online advertising

For several years, financial investments, especially those accessible online through platforms like Binance, Boursorama, or Fortuneo, have seen significant growth. This expansion is accompanied by a surge in internet advertisements promoting often tempting returns. These ads mainly target private individuals, promising quick gains, sometimes on complex products like binary options or Forex.

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

However, this rapid development has its drawbacks. Many of these advertisements exaggerate benefits at the expense of risks. Trading on volatile markets – Forex, raw materials, or indices – is often presented as a simple opportunity, even when losses can be substantial. This underscores the importance of increased oversight by authorities to protect investors.

In this regard, the Autorité des marchés financiers (AMF) and the Autorité de régulation professionnelle de la publicité (ARPP) play crucial roles. Their goal is to ensure that clear, honest, and balanced information is available to the general public. These organizations regularly update their recommendations and blacklists, notably 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 status of platforms, notably via the financial agents register accessible at regafi.fr. This helps avoid some common web pitfalls.

• Explosion of online advertising for financial investments
• Facilitated accessibility via fintech apps (Lydia, N26)
• Participation of traditional banks like Société Générale and Crédit Agricole
• Proliferation of complex products (Forex, binary options, raw materials)
• High risk due to often deceptive advertising

Type of Investment	Main online players	Associated risk	Existence of regulation
Forex	Binance, FxNTrade.com (unregulated)	Very high, significant volatility	Regulated for some, blacklisted for others
Binary options	Specialized sites, some fraudulent	Extremely high, rapid losses possible	Progressive banning in France
Standard stocks	Boursorama, Fortuneo, Hello bank!	Variable, product-dependent	Regulated by the AMF
Atypical products (gold, wine, artworks)	Specialized online niche platforms	Variable, often high	Specific recommendations by ARPP

The regulators’ response to risks associated with online advertising of financial investments

In response to the surge in online advertisements for sometimes very risky financial products, authorities like the AMF and the ARPP have increased their vigilance. The proliferation of unregulated sites offering trading on markets such as Forex or binary options is not an isolated phenomenon but a major concern for protecting savers.

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

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

These measures aim to prevent advertisements from presenting these investments as games or easy money-making opportunities, particularly during training phases with virtual money. It also prohibits minimizing or hiding risks altogether. Vigilance is also extended to advertisements for atypical investments like gold or artworks, which can mislead less-informed investors.

• Regular publication of blacklists by the AMF and the ACPR
• Clear and precise recommendations from the ARPP on advertising content
• Obligation to balance presentation of gains with exposure to risks
• Prohibition of presenting investments as simple games
• Expansion of recommendations to atypical investments

Measures	Objectives	Expected impact
Blacklist of unregulated sites	Protect investors from fraudulent platforms	Deterrence and better information for individuals
ARPP recommendation on advertising	Ensure honest information about financial products	Reduction of deceptive ads and scam risks
Clarity of performance disclosures	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 the regulation of financial investments in France. It has extensive powers that enable it to monitor online advertising, identify abusive practices, and take urgent measures to protect savers. Its action is even more crucial with the emergence of new digital distribution channels.

The AMF works in coordination with other national entities like the Autorité de régulation professionnelle de la publicité (ARPP), as well as with European organizations, to harmonize regulations within a globalized market. This cooperation is essential given international platforms such as Binance, which attract large audiences but sometimes fall outside clear regulation.

The blacklist produced by the AMF is a widely used tool. It helps identify fraudulent or unauthorized sites, such as fxntrade.com, offering leveraged financial products without sufficient guarantees. This provides concrete protection for individuals seeking safe and compliant investment instruments according to French regulations.

When an infraction is detected, the AMF can initiate targeted procedures, including financial sanctions or suspension of activities. It also promotes certifications for financial influencers to better regulate their messaging and reduce scam risks. This work aims to restore investor confidence and maintain market stability.

• Proactive online advertising monitoring by the AMF
• National and European cooperation to regulate international platforms
• Ongoing updates of the blacklist of unapproved sites
• Sanction procedures against fraudulent actors
• Regulation of financial influencers through certifications

Actions of the AMF	Fields of intervention	Effects on investors
Publishing alerts and blacklists	Unregulated sites, high-risk products	Protection against fraudulent platforms
Administrative and judicial sanctions	Deceptive advertising, regulatory violations	Dissuasion of illicit practices
Certification of financial influencers	Public communication	Improved quality of information

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

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

The pre-2014 recommendation remains a central foundation. It requires that information clearly include:

• The remuneration rate, presented clearly and audibly
• Past performances, without guarantees of repeatability
• A balanced presentation of risks and benefits
• Prohibition of downplaying financial commitments
• Ban on staging scenes equating investments with gambling

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

This regulation also imposes enhanced transparency on platforms used by digital and traditional banks — N26, Hello bank!, Société Générale, Crédit Agricole — which must scrupulously adhere to these standards for their communication and advertising. The rules thus establish a strengthened legal and advertising framework that also encourages accountability for advertisers and influencers.

Advertising requirements	Expected benefits	Responsible parties
Clear mention of rates and performance	Transparent information for investors	Banks, trading platforms, influencers
Balance between gains and risks	Reduce illusions about 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 media and financial influencers

Social media platforms are now an essential channel for advertising financial investments. Platforms like Instagram, TikTok, and even Twitter feature content promoted by influencers, sometimes uncertified, who recommend various investments – cryptocurrencies, stocks, NFTs – often with limited rigor or transparency about associated risks.

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

This situation has led to the creation of a certification for “responsible influence in finance,” aimed at identifying and promoting influencers who follow the rules and share reliable content, thereby strengthening public trust.

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

Platform	Usage in promotion	Risk	Control measures
Instagram	Sponsored posts, stories	Promotion without mention of risks	Influencer certification
TikTok	Viral short videos	Simplified messages hiding risks	Active monitoring by the AMF
Twitter	Recommendations, threads	Potential misinformation	Alerts and sanctions

Concrete examples of scams and misleading advertising related to financial investments

The proliferation of online platforms without proper oversight has led to an increase in scams. For example, the site Commercewealth.com, which has gained notoriety, saw many users losing significant amounts after believing in promises of high and guaranteed returns.

It is also worth noting that, for a long time, the responsibility of banks in such frauds could not be engaged, which slowed judicial reaction. It is only in recent years that legislative changes have allowed for a firmer involvement of financial institutions that might facilitate such scams.

Advertising campaigns promoting online trading, whether on Forex or binary options, often overvalue benefits and minimize risks. Some messages use simulated scenes of virtual money, but never explicitly clarify the real dangers involved.

• Commercewealth.com: major example of online scam
• Delay in holding banks responsible for fraud
• Advertising overemphasizing gains and downplaying risks
• Misleading use of virtual money to lure investors
• Ongoing legal and regulatory actions

Site or case	Type of scam	Consequence	Actions taken
Commercewealth.com	Illusory promises about online trading	Significant financial losses	Ongoing investigation and potential sanctions
Binary options advertising	Omission of real risks	Multiple victims	Progressive bans and advertising blocks
Unregulated Forex	Offers without license or approval	Frequent scams	Regular update of the AMF blacklist

Future outlook of regulation and advice for seasoned and novice investors

The current context indicates that authorities are increasingly aware of the need to adapt regulation to digital realities. The idea of banning online advertising for certain highly risky products continues to gain ground, as does the gradual implementation of mandatory certifications for financial influencers and advertisers.

Moreover, the development of secure platforms by recognized operators like Boursorama or Fortuneo makes it easier for individuals concerned about security to choose. Banks such as Société Générale and Crédit Agricole are strengthening their informational tools to educate their clients about risks and best practices. Mobile banking apps are becoming more educational in this trend.

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

• Verify the authorization and regulation of the platforms considered
• Consult the blacklists published by the AMF
• Carefully review advertisements and check for risk disclosures
• Be wary of overly tempting promises, especially on social media
• Prioritize recognized actors, regulated banks, and platforms

Advice	Benefit	Example
Verify regulation via Regafi	Legal security	Sites like Boursorama and Fortuneo
Exercise caution with advertisements	Reduced risk of fraud	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 to tell if a trading site is regulated?
  You should check the register of financial agents at regafi.fr or see if it appears on the AMF blacklist.
• What risks do Forex or binary options investments entail?
  These investments are highly leveraged and can lead to rapid and substantial financial losses.
• What to do in case of 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 involve very high risks and can mislead individual investors.
• Are influencers monitored by authorities?
  The AMF has introduced certifications to regulate their communication, but monitoring remains an ongoing challenge.