NFA meaning: the "not financial advice" label and what it can't do
Three letters stuck onto price calls: what NFA means, how it turns into a joke, what four regulators say about its legal weight, and why it never replaces a real disclosure.
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A three-letter shrug
Under a tweet with a price target, at the bottom of a YouTube description, at the tail of a Telegram call: NFA, "not financial advice". CoinMarketCap Academy calls it a disclaimer. Decrypt's 2022 slang guide goes further and says NFA and its sidekick DYOR are disclaimers used by people on social media who do not want to be held accountable.
The idea behind it is fair enough: I am not your adviser, I do not know your situation, verify things yourself. The trouble is where the letters tend to land, namely right behind the loudest claim of the day.
Four ways of meaning it
Officially a warning, in practice often mock. The phrase is so routine that it became a gag.
- The sincere version: an analyst shares an opinion and reminds people it is only that.
- The ironic tag: a maximal call, then "NFA", as if three letters could cancel the sentence before them.
- The punchline: bolted onto a plainly terrible idea.
- The duo: NFA, DYOR, "do your own research".
Illustrations written for this page, none quoted from a real account:
- "Adding more at these levels. NFA, DYOR."
- "This coin 10x before the end of the month, guaranteed. NFA."
- "Sold my car to buy a token launched yesterday. NFA, obviously."
Regulator by regulator
Where authorities have addressed the point, the answer is that the label alone does not help. What follows is general information, not legal advice.
| Where | What it says | Source year |
|---|---|---|
| Singapore | A licence may be needed to recommend buying, selling or holding specific investment products, and merely disclaiming "this is not financial advice" does not remove legal liability. | 2025 (MAS and ASAS guide for content creators, September) |
| European Union | Even a public opinion on whether a share or crypto will go up or down can be a recommendation, and "not investment advice" disclaimers will not protect in such cases. | 2025 (ESMA finfluencer factsheet) |
| United Kingdom | The question is whether a post is an invitation or inducement to take part in investment activity made in the course of business, which can include influencers with no paid relationship. An illegal financial promotion is a criminal offence, up to two years in prison, an unlimited fine, or both. | March 2024 (FCA guidance FG24/1) |
| United States | The SEC settled with Kim Kardashian for $1.26 million over an undisclosed $250,000 payment tied to a crypto asset security post; she admitted nothing. The case turned on the missing disclosure of payment, not on an NFA tag. | October 2022 (SEC press release) |
A disclaimer is not a disclosure
NFA tells readers nothing about the poster's stake. The FTC's guide for influencers asks for plain wording, "ad" or "sponsored", placed where it is hard to miss, whenever a financial or personal relationship with a brand exists. ESMA adds a point that costs nothing: if you hold the asset you are posting about, say so. Without that, a post stamped NFA can still be a paid shill from a KOL sitting on a bag.
No documented birth
We found no record of the first NFA. It shortens a stock phrase, "this is not financial advice", which crypto culture repeated until three letters sufficed. By 2022 it was standard enough that Decrypt and CoinMarketCap Academy listed it in their guides, next to gm and WAGMI.
Other NFAs
- The National Futures Association, a regulator of the US derivatives industry and not a disclaimer.
- From Wiktionary's list: no fixed abode, no further action (UK police), the US National Firearms Act and, in computing, a nondeterministic finite automaton.
Related terms
- DYOR: the disclaimer's usual partner.
- Pump and dump: the scheme hype plus a disclaimer can conceal.
- Crypto Twitter slang: the full glossary, with tone tags.
Sources
- MAS and ASAS: 7 must-knows when sharing financial information online, 2025
- ESMA: finfluencer factsheet, Malta edition, 2025
- FCA: finalised guidance FG24/1 on social media promotions, 2024
- SEC: charges against Kim Kardashian over a crypto promotion, 2022
- FTC: Disclosures 101 for social media influencers, 2019
- Decrypt: guide to Bitcoin and NFT slang, 2022
Questions
Can a post be advice even when it says NFA?
Yes. The EU markets regulator ESMA says even a public opinion on whether a share or a crypto will rise or fall can count as an investment recommendation, and that a disclaimer will not protect you then. What matters is what the post does, not the label. This is general information, not legal advice.
What does "NFA, DYOR" mean?
"Not financial advice, do your own research." The pair usually ends a post that has just made a confident call. Decrypt describes both as disclaimers used by people on social media who do not want to be held accountable.
Does NFA replace saying that you hold the coin?
No. ESMA advises that if you already own what you are posting about, you should say so, and the US FTC asks for a plain label such as ad or sponsored wherever a financial relationship exists. NFA says nothing about the poster's interests.
What was the Kardashian case about?
In October 2022 the SEC announced that Kim Kardashian had agreed to pay $1.26 million to settle charges that she promoted a crypto asset security on Instagram without disclosing the $250,000 she was paid. She neither admitted nor denied the findings.
Is NFA the National Futures Association?
Only in a futures context. The association describes itself as the industrywide self-regulatory organization for the US derivatives industry, operating since 1982. In a crypto reply, the disclaimer is meant.