New York tells crypto firms to clean up their ads by 2027

The New York State Department of Financial Services issued guidance Thursday spelling out what it expects from virtual currency firms' advertising and marketing: accurate content, clear disclosures, and a governance and review process. Firms have until May 10, 2027 to put the measures in place.

The regulator drew hard lines. Ads can't be deceptive or carry exaggerated claims, and firms can't tout zero-fee trading while leaving other costs out of the pitch. If someone gives a testimonial, the entity has to disclose whether that person was paid.

NYDFS also wants structure behind the slogans — a governance and review framework with clearly assigned roles and responsibilities for advertising and marketing decisions.

Acting Superintendent Kaitlin Asrow framed the move as an extension of the department's track record. “For more than a decade, DFS has set the global standard for virtual currency oversight and consumer protection,” she said, adding that the guidance keeps advertising in the space “clear, comprehensive, and accessible.”

NYDFS has been regulating crypto since launching its BitLicense regime in 2015, and it has helped shape how U.S. digital asset rules have taken form. It isn't alone in eyeing marketing: regulators in the UK have also turned their attention to crypto advertisements.