New York gives licensed crypto firms until May 10, 2027 to police their ads, from "no fee" claims to the influencers they hire

New York's financial regulator is spelling out what honest crypto advertising should look like. The Department of Financial Services, led by Acting Superintendent Kaitlin Asrow, issued guidance on Thursday for the virtual currency firms it licenses, and expects them to put the measures in place by May 10, 2027.

Firms must have internal rules that keep false or misleading content out of their marketing, The Block reported. Ads must not be deceptive or make exaggerated claims, a firm may not advertise "no fee" trading while leaving out other costs, and firms must disclose whether people giving testimonials were paid. Each firm needs a review structure with clearly assigned roles for advertising.

According to Cryptopolitan, firms must be able to back up every claim, must identify the licensed company behind each ad, must vet outside partners, including influencers they hire, and should watch for people misusing their brand. Policies are to be reviewed every year and will be looked at during compliance checks.