Can unlicensed exchanges still advertise and run affiliate programs in the EU?

If an exchange can still buy ads, sponsor creators, and pay affiliates to send EU users its way, does that mean it is operating legally? Not on its own. Marketing is itself regulated.

TL;DR: No. Marketing crypto-asset services to EU users is itself a regulated act. An exchange without a CASP license cannot advertise, sponsor, or run affiliate and influencer promotions aimed at EU users. Only genuinely client-initiated contact (“reverse solicitation”) is allowed, and ESMA reads that exception narrowly.

The short answer: marketing to EU users requires authorization

Under MiCA (Regulation (EU) 2023/1114), providing crypto-asset services to EU clients requires authorization. Soliciting those clients, that is, marketing the services to them, is treated as part of that activity. So after the deadline (see what MiCA changes after July 1, 2026), an unlicensed firm advertising to EU users is not a loophole; it is the regulated behavior itself.

Reverse solicitation: the narrow exception and why it does not cover ads

There is one exception. A firm based outside the EU may serve an EU client when the client approaches it entirely on their own exclusive initiative. ESMA’s guidelines on reverse solicitation read this very narrowly: it cannot be manufactured through advertising, and follow-on marketing of other services is not allowed. If the contact was prompted by promotion, it is not reverse solicitation.

Affiliates, influencers and referral programs: how ESMA treats them

ESMA’s Q&A on reverse solicitation defines solicitation broadly and technology-neutrally. It covers any promotion, advertisement, or offer of crypto-asset services to EU users, by any means (websites, social media, apps, banner ads, sponsorships), carried out either by the third-country firm itself or by anyone acting on its behalf, including affiliates and influencers. A referral or affiliate program aimed at EU users is, in substance, solicitation.

What this means if you are an affiliate or publisher

Promoting an unlicensed exchange to EU users can make you part of unlawful solicitation on the firm’s behalf, with the legal and reputational risk that carries. Before joining or running a program, check whether the exchange holds a CASP license and favor authorized providers.

What this means if you just see crypto ads as a user

Treat ads as marketing, not proof of legality. A flashy campaign does not mean a firm is authorized; in fact, heavy EU-targeted marketing by a platform that is not in the ESMA register is a warning sign worth pausing on.

How to check if an advertised exchange is licensed

• Search the CASP directory by name or website.
• Verify on the source: the official ESMA register.

Sources & how to verify

• ESMA, Q&A on reverse solicitation under MiCA.
• ESMA, Final Report: Guidelines on reverse solicitation under MiCA.
• MiCA, Regulation (EU) 2023/1114 (authorization requirement for crypto-asset services).

This guide is general information, not legal or financial advice. Always verify a provider’s status on the official ESMA register.