How Is Advertising of Unlicensed Crypto Services Handled? Liability of Exchanges, KOLs and Media Agencies

A video introducing a “reputable international exchange with fast deposits and withdrawals” by a finance KOL can be advertising for a service not yet licensed in Vietnam. From 1 September 2026, Decree 284/2026 brings crypto assets under a dedicated penalty decree; combined with the advertising penalty framework of Decree 87/2026, the liability of the advertiser, the exchange hiring the advertising and the distribution platform is far clearer than in the “grey zone” era.

Governing Instruments

Two overlapping penalty frameworks: crypto assets and advertising

Decree 284/2026/ND-CP on administrative penalties in the crypto-asset field (effective 1 September 2026) is the sector sanction text for this market: providing crypto-asset services without a licence, and promoting and soliciting trading outside the Resolution 05/2025 pilot framework, all fall within its scope. A transparency note of this article: the specific fine levels for each advertising act in Decree 284/2026 apply under the decree own clauses at the time of handling; enterprises and KOLs should check the current clause before acting rather than rely on figures quoted on social media.

The second framework is advertising penalties in Decree 87/2026/ND-CP replacing Decree 38/2021 (effective 15 May 2026): advertising products and services that are banned or not yet permitted for circulation in Vietnam is penalised under the clause on advertising banned goods and services — with the verified reference levels in Article 51 of the decree for advertising services not yet meeting conditions: VND 40–60 million (Clause 1), VND 60–80 million (Clause 2), VND 80–100 million (Clause 3) for INDIVIDUALS, and under the base convention in Article 6, the fine for organisations is twice the individual level. Advertising crypto assets for an unlicensed platform can be pulled into both frameworks at once: the crypto-asset sector violation and the advertising violation.

The liability chain: the KOL, the hiring exchange and the distribution platform

Advertising liability does not stop at the person holding the microphone. The chain comprises: the advertising issuer — the KOL or influencer directly introducing and soliciting — liable for the advertising content they publish, even where the script was prepared by the exchange, because advertising law places the duty to verify the legality of the advertised product or service on the person performing the advertising; the advertising client — the unlicensed exchange — liable for unlicensed service provision and promotion in Vietnam, the heaviest handling in the chain; and the publishing medium — social platforms and distribution channels — with takedown and cooperation duties under advertising and cybersecurity law when requested.

A point KOLs commonly overlook: income from advertising for an unlicensed exchange does not “regularise” the act through a service contract, and a contract with an exchange having no legal status in Vietnam gives the KOL almost no protection when regulators act or when followers lose money and sue civilly for compensation. In the handling practice of similar cases (advertising unlicensed forex and virtual-currency platforms in previous years), the advertiser is always the easiest link to identify and the first to be handled in the chain.

Application Analysis

The content boundary to grasp: distinguish “knowledge content” from “soliciting advertising”. Market analysis, risk warnings and news about crypto assets are information content; but once content carries a registration link, a commission referral code, a call to deposit money or a profit promise, it turns into promotion for a specific service and is judged under the advertising framework. The referral code is the clearest sign of a commercial advertising relationship — and the easiest evidence for handling authorities to collect, because it sits publicly in the published content itself.

On prevention, KOLs and media enterprises need a pre-acceptance check process for financial advertising: require the advertising client to produce its licence (for crypto assets, the licence of a service organisation within the pilot framework issued by the Ministry of Finance); refuse all profit-promising content or solicitation to deposit into unlicensed platforms; retain the whole check file to evidence that the legality-verification duty was performed; and in the advertising contract, lock a clause where the client warrants the service legality with an indemnity mechanism. For a foreign exchange with no licence in Vietnam, the check conclusion is almost always one: do not accept advertising aimed at the Vietnamese public.

Recommended Actions

Before accepting any financial advertising, require the client licence; for crypto assets, accept only organisations licensed within the Resolution 05/2025 pilot framework.
Strip every soliciting element from content: registration links, referral codes, deposit calls, profit promises or suggestions for unlicensed platforms.
Retain the verification file (licences checked, exchanges with the client) as evidence that the duty to verify service legality was performed.
In the advertising contract, include the client warranty of service legality and an indemnity mechanism where advertising is handled due to an unlawful service.

Frequently Asked Questions

How much is advertising unlicensed crypto-asset services penalised under Decree 284/2026?

Decree 284/2026/ND-CP (effective 1 September 2026) is the sector penalty decree for the crypto-asset field: promoting and soliciting crypto-asset services outside the Resolution 05/2025 pilot framework fall within its penalty scope, with the specific fine levels applying under the decree own clauses at the time of handling — advertisers should check the current clauses of Decree 284/2026 before acting. At the same time, the act is also pulled into the general advertising penalty framework of Decree 87/2026/ND-CP, where advertising a not-yet-permitted service carries the verified reference levels in Article 51: VND 40–60 million (Clause 1), VND 60–80 million (Clause 2), VND 80–100 million (Clause 3) for individuals, doubled for organisations under Article 6.

What liability does a KOL promoting an unlicensed crypto-asset platform bear?

Three liability layers: (1) administrative — the KOL is the advertising issuer, liable for the content they publish under Decree 284/2026 (promoting services outside the pilot framework) and Decree 87/2026 (advertising a not-yet-permitted service), even where the script was supplied by the exchange, because advertising law places the duty to verify service legality on the person performing the advertising; (2) civil — followers who lost money trusting the promotional content may sue for compensation, and a contract with an exchange having no legal status in Vietnam gives the KOL almost no protection; (3) handling practice — the KOL is the most clearly identified link in the chain and is usually handled first, as in past cases of advertising unlicensed forex and virtual-currency platforms.

How are media enterprises and platforms publishing unlawful advertising handled?

A media enterprise accepting the advertising bears the liability of an advertising service business: it must verify the legality of the advertised service, and publishing advertising for a not-yet-permitted service is penalised under the advertising framework of Decree 87/2026/ND-CP — at organisation levels twice the individual level under the Article 6 convention — together with forced removal of the advertising and correction. The publishing platform (social networks, content distribution channels) bears takedown duties and must cooperate with regulators under advertising and cybersecurity law when requested; slow removal after notification creates the platform own independent liability.

Can a foreign platform advertising toward Vietnamese users be handled?

Yes. Placing servers abroad does not take the act out of reach if the advertising and the service target users in Vietnam: promoting crypto-asset services outside the pilot framework falls within Decree 284/2026/ND-CP penalty scope, and Vietnamese regulators hold practical enforcement tools — handling the domestic links (KOLs, media enterprises, payment and marketing partners in Vietnam), requiring platforms to remove the advertising, publicly warning investors, and coordinating access blocking under cybersecurity law. The consequence for the exchange is losing every lawful channel to the Vietnamese market, while the heaviest consequences fall on the exchange domestic partners.