The rule.
Article 88(3) governs how risk is presented.
“Marketing communications shall not contain any false or misleading information. Marketing communications shall identify the risks associated with the relevant crypto-asset clearly and prominently. The information about the risks shall be presented in a manner that is no less prominent than the information about the potential benefits of the crypto-asset.”
ESMA’s 2024 Guidelines interpret “no less prominent” as: same visual weight, same column, same approximate position, no typography or contrast dimming the risk.
What it requires.
Identification of risks. Say what could go wrong. “Crypto-asset prices can fluctuate” is the minimum; higher-risk products add capital-loss, illiquidity, smart-contract, custody, and regulatory risk.
Prominence parity. If the benefit is in 72-pixel bold above the fold, the risk cannot be in 12-pixel grey type 1,400 pixels down.
Same visual frame. The risk must sit where the eye lands when reading the benefit. A standalone risk page linked from the footer fails.
Common violations.
Hero: “Tokenised treasuries. Earn 5.2% APY.”
Footer (1,800px below): “Capital at risk. Returns may vary.”
Two visual frames. The hero-only reader leaves with the benefit but not the risk.
Benefit: 56px white bold on dark background.
Risk: 11px grey on dark background, in same block.
Same block, but the risk text is ~5× smaller and lower-contrast. Fails parity.
Hero CTA: “Start earning” — risk disclosure on a separate /risks page linked from a small footer link.
Adding a click is, by definition, less prominent. Fails parity.
How to comply.
Place the matching risk statement in the same visual frame, at the same typography level. If you can’t, soften the benefit.
Risk statements: at least 60% of the benefit claim’s type size, same colour family. ESMA cites contrast and size as parity factors.
Replace “risks apply” with “you may lose all of your capital, returns are not guaranteed and yield can drop to zero.” Specificity is part of clarity.
If a small-format ad can’t carry a paired risk treatment, it can’t make a quantified benefit claim. Use a brand claim, not a yield claim. The free ad-creative compliance scan flags missing or under-weighted risk treatment.
Related rules.
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The headline rule; 88(3) is its prominence sub-clause.
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The benefit claim must also match the whitepaper; they fail together often.
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The UK version is stricter: the wording is prescribed, not just the prominence.