{"id":"https://openalex.org/W7204490917","doi":"https://doi.org/10.3390/businesses6030046","title":"The Ethics of Cryptocurrency Marketing: A Systematic Review of Promotional Practices, Consumer Vulnerability, and Governance","display_name":"The Ethics of Cryptocurrency Marketing: A Systematic Review of Promotional Practices, Consumer Vulnerability, and Governance","publication_year":2026,"publication_date":"2026-08-27","ids":{"openalex":"https://openalex.org/W7204490917","doi":"https://doi.org/10.3390/businesses6030046"},"language":"en","primary_location":{"id":"doi:10.3390/businesses6030046","doi":"https://doi.org/10.3390/businesses6030046","is_oa":true,"landing_page_url":"https://doi.org/10.3390/businesses6030046","pdf_url":null,"source":{"id":"https://openalex.org/S4210213498","display_name":"Businesses","issn_l":"2673-7116","issn":["2673-7116"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","norway-1","vabb-shw"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Businesses","raw_type":"journal-article"},"volume":null,"type":"review","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.3390/businesses6030046","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5045752306","display_name":"Anas Al\u2010Fattal","orcid":"https://orcid.org/0000-0001-9736-7439","observed_orcids":["https://orcid.org/0000-0001-9736-7439"]},"institutions":[{"id":"https://openalex.org/I4210159608","display_name":"University of Minnesota Crookston","ror":"https://ror.org/04w6xt508","country_code":"US","type":"education","lineage":["https://openalex.org/I4210159608"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Anas Al-Fattal","raw_affiliation_strings":["Business Department, University of Minnesota Crookston, Crookston, MN 56716, USA"],"raw_orcid":"https://orcid.org/0000-0001-9736-7439","affiliations":[{"raw_affiliation_string":"Business Department, University of Minnesota Crookston, Crookston, MN 56716, USA","institution_ids":["https://openalex.org/I4210159608"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5045752306"],"corresponding_institution_ids":["https://openalex.org/I4210159608"],"apc_list":{"value":1000,"currency":"CHF","value_usd":1207},"apc_paid":{"value":1000,"currency":"CHF","value_usd":1207},"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"6","issue":"3","first_page":"46","last_page":"46"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.5547000169754028,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.5547000169754028,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T10609","display_name":"Digital Marketing and Social Media","score":0.24459999799728394,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.09529999643564224,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/marketing-ethics","display_name":"marketing ethics","score":0.6919999718666077},{"id":"https://openalex.org/keywords/consumer-vulnerability","display_name":"consumer vulnerability","score":0.7540000081062317},{"id":"https://openalex.org/keywords/promotional-activities","display_name":"promotional activities","score":0.5889999866485596},{"id":"https://openalex.org/keywords/influencer-marketing","display_name":"influencer marketing","score":0.859000027179718},{"id":"https://openalex.org/keywords/social-media-marketing","display_name":"social media marketing","score":0.7160000205039978},{"id":"https://openalex.org/keywords/perceived-legitimacy","display_name":"perceived legitimacy","score":0.5899999737739563},{"id":"https://openalex.org/keywords/cryptocurrency-fraud","display_name":"cryptocurrency fraud","score":0.6309999823570251},{"id":"https://openalex.org/keywords/selective-disclosure","display_name":"selective disclosure","score":0.7749999761581421},{"id":"https://openalex.org/keywords/speculative-investment","display_name":"speculative investment","score":0.46399998664855957},{"id":"https://openalex.org/keywords/consumer-trust","display_name":"consumer trust","score":0.6480000019073486},{"id":"https://openalex.org/keywords/cryptocurrency-regulation","display_name":"cryptocurrency regulation","score":0.7179999947547913},{"id":"https://openalex.org/keywords/financial-education","display_name":"financial education","score":0.39100000262260437}],"concepts":[{"id":"https://openalex.org/C2780224610","wikidata":"https://www.wikidata.org/wiki/Q1530061","display_name":"Credibility","level":2,"score":0.5981000065803528},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.555899977684021},{"id":"https://openalex.org/C39549134","wikidata":"https://www.wikidata.org/wiki/Q133080","display_name":"Public relations","level":1,"score":0.5083000063896179},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.49900001287460327},{"id":"https://openalex.org/C98147612","wikidata":"https://www.wikidata.org/wiki/Q215599","display_name":"Promotion (chess)","level":3,"score":0.46000000834465027},{"id":"https://openalex.org/C46295352","wikidata":"https://www.wikidata.org/wiki/Q207982","display_name":"Legitimacy","level":3,"score":0.4593999981880188},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.45559999346733093},{"id":"https://openalex.org/C147598955","wikidata":"https://www.wikidata.org/wiki/Q3427818","display_name":"Social responsibility","level":2,"score":0.4519999921321869},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.43560001254081726},{"id":"https://openalex.org/C119232533","wikidata":"https://www.wikidata.org/wiki/Q873451","display_name":"Business ethics","level":2,"score":0.4311999976634979},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.42590001225471497},{"id":"https://openalex.org/C95713431","wikidata":"https://www.wikidata.org/wiki/Q631425","display_name":"Vulnerability (computing)","level":2,"score":0.4106999933719635},{"id":"https://openalex.org/C83867959","wikidata":"https://www.wikidata.org/wiki/Q371467","display_name":"Scopus","level":3,"score":0.4058000147342682},{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.3790000081062317},{"id":"https://openalex.org/C23213687","wikidata":"https://www.wikidata.org/wiki/Q301468","display_name":"Consumer behaviour","level":2,"score":0.36550000309944153},{"id":"https://openalex.org/C518677369","wikidata":"https://www.wikidata.org/wiki/Q202833","display_name":"Social media","level":2,"score":0.3634999990463257},{"id":"https://openalex.org/C141261163","wikidata":"https://www.wikidata.org/wiki/Q218600","display_name":"Corporate social responsibility","level":2,"score":0.3531999886035919},{"id":"https://openalex.org/C74196892","wikidata":"https://www.wikidata.org/wiki/Q7781188","display_name":"Thematic analysis","level":3,"score":0.34700000286102295},{"id":"https://openalex.org/C12713177","wikidata":"https://www.wikidata.org/wiki/Q1900281","display_name":"Perspective (graphical)","level":2,"score":0.3206999897956848},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.3043000102043152},{"id":"https://openalex.org/C2777179996","wikidata":"https://www.wikidata.org/wiki/Q911222","display_name":"Mistake","level":2,"score":0.3028999865055084},{"id":"https://openalex.org/C68991459","wikidata":"https://www.wikidata.org/wiki/Q11700776","display_name":"Value proposition","level":2,"score":0.29679998755455017},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2953000068664551},{"id":"https://openalex.org/C75949130","wikidata":"https://www.wikidata.org/wiki/Q848010","display_name":"Database transaction","level":2,"score":0.29280000925064087},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.28209999203681946},{"id":"https://openalex.org/C4994750","wikidata":"https://www.wikidata.org/wiki/Q1210504","display_name":"Impression management","level":2,"score":0.2793999910354614},{"id":"https://openalex.org/C2777601897","wikidata":"https://www.wikidata.org/wiki/Q3409113","display_name":"Presentation (obstetrics)","level":2,"score":0.27649998664855957},{"id":"https://openalex.org/C2777146004","wikidata":"https://www.wikidata.org/wiki/Q14949826","display_name":"CLARITY","level":2,"score":0.2696000039577484},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.2581999897956848},{"id":"https://openalex.org/C2989499966","wikidata":"https://www.wikidata.org/wiki/Q664183","display_name":"Consumer protection","level":2,"score":0.2572000026702881},{"id":"https://openalex.org/C2780966255","wikidata":"https://www.wikidata.org/wiki/Q5474306","display_name":"Foundation (evidence)","level":2,"score":0.2513999938964844},{"id":"https://openalex.org/C128268270","wikidata":"https://www.wikidata.org/wiki/Q2264133","display_name":"Ethical code","level":2,"score":0.250900000333786}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3390/businesses6030046","doi":"https://doi.org/10.3390/businesses6030046","is_oa":true,"landing_page_url":"https://doi.org/10.3390/businesses6030046","pdf_url":null,"source":{"id":"https://openalex.org/S4210213498","display_name":"Businesses","issn_l":"2673-7116","issn":["2673-7116"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","norway-1","vabb-shw"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Businesses","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:086ddc12530c45189703659ed21398af","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/086ddc12530c45189703659ed21398af","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Businesses, Vol 6, Iss 3, p 46 (2026)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/businesses6030046","doi":"https://doi.org/10.3390/businesses6030046","is_oa":true,"landing_page_url":"https://doi.org/10.3390/businesses6030046","pdf_url":null,"source":{"id":"https://openalex.org/S4210213498","display_name":"Businesses","issn_l":"2673-7116","issn":["2673-7116"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","norway-1","vabb-shw"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Businesses","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[{"display_name":"Systematic Review","id":"https://openalex.org/study-designs/systematic-review"}],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":64,"referenced_works":["https://openalex.org/W2051766180","https://openalex.org/W2109305774","https://openalex.org/W2127680157","https://openalex.org/W2156109180","https://openalex.org/W2162412465","https://openalex.org/W2917828731","https://openalex.org/W2980279719","https://openalex.org/W2989641306","https://openalex.org/W3004034277","https://openalex.org/W3012096462","https://openalex.org/W3041421288","https://openalex.org/W3091288926","https://openalex.org/W3107947590","https://openalex.org/W3118615836","https://openalex.org/W3134685772","https://openalex.org/W3157880538","https://openalex.org/W3164964584","https://openalex.org/W3198844504","https://openalex.org/W3211252547","https://openalex.org/W4200301884","https://openalex.org/W4200395635","https://openalex.org/W4206299995","https://openalex.org/W4206490462","https://openalex.org/W4223466411","https://openalex.org/W4223644572","https://openalex.org/W4280585918","https://openalex.org/W4284899001","https://openalex.org/W4296197083","https://openalex.org/W4302009228","https://openalex.org/W4309971517","https://openalex.org/W4313392637","https://openalex.org/W4321597734","https://openalex.org/W4321849277","https://openalex.org/W4322755659","https://openalex.org/W4376561122","https://openalex.org/W4377043556","https://openalex.org/W4384936784","https://openalex.org/W4385344005","https://openalex.org/W4385582952","https://openalex.org/W4385824033","https://openalex.org/W4386503061","https://openalex.org/W4386907542","https://openalex.org/W4388240122","https://openalex.org/W4391350320","https://openalex.org/W4392503912","https://openalex.org/W4400427934","https://openalex.org/W4400607961","https://openalex.org/W4400864530","https://openalex.org/W4401712024","https://openalex.org/W4401878085","https://openalex.org/W4404408487","https://openalex.org/W4405476494","https://openalex.org/W4405784377","https://openalex.org/W4405810400","https://openalex.org/W4407133910","https://openalex.org/W4407337581","https://openalex.org/W4407737896","https://openalex.org/W4408803336","https://openalex.org/W4408813314","https://openalex.org/W4410863842","https://openalex.org/W4412959541","https://openalex.org/W4412959608","https://openalex.org/W4413135979","https://openalex.org/W7133551230"],"related_works":["https://openalex.org/W7122893839","https://openalex.org/W7103254728","https://openalex.org/W4312221290","https://openalex.org/W7055340923","https://openalex.org/W4280585918","https://openalex.org/W6941460224","https://openalex.org/W7117147468","https://openalex.org/W4386603228","https://openalex.org/W7011571345","https://openalex.org/W7165689602"],"abstract_inverted_index":{"In":[0],"cryptocurrency":[1,228],"markets,":[2],"credibility":[3,229],"may":[4,152,199],"be":[5,10],"created":[6],"before":[7,28],"it":[8,60],"can":[9,22],"verified.":[11],"Promotional":[12],"signals":[13,135],"from":[14,122,126],"influencers,":[15,98],"online":[16],"communities,":[17,99],"exchanges,":[18,100],"and":[19,55,66,77,83,101,111,133,150,162,170,181,207,220,241],"project":[20,102],"actors":[21,180],"create":[23],"an":[24,140,189],"impression":[25],"of":[26,41,142,217,244,249],"legitimacy":[27],"consumers":[29],"are":[30],"able":[31],"to":[32,52,115,166],"independently":[33],"assess":[34],"the":[35,42,57,105,215,224,242,250],"quality,":[36],"risks,":[37],"or":[38],"underlying":[39],"value":[40],"asset.":[43],"This":[44,209],"systematic":[45],"review":[46,184,233],"examines":[47],"how":[48,56,196],"promotional":[49],"activity":[50],"contributes":[51],"this":[53],"condition":[54],"literature":[58],"connects":[59,185],"with":[61],"ethical":[62,190,197,212],"concerns,":[63],"consumer":[64,205],"consequences,":[65],"governance.":[67,208],"Following":[68],"PRISMA":[69],"2020,":[70],"54":[71],"empirical":[72],"studies":[73],"published":[74],"between":[75,107],"2019":[76],"2025":[78],"were":[79],"identified":[80],"through":[81,188,226],"Scopus":[82,240],"analyzed":[84],"using":[85],"thematic":[86],"synthesis.":[87],"The":[88,183,232],"findings":[89],"indicate":[90],"that":[91,136,193],"promotion":[92],"is":[93,146,177,230,234],"distributed":[94],"across":[95,179,201],"social":[96,160],"media,":[97],"actors,":[103],"making":[104],"boundary":[106],"marketing,":[108],"personal":[109],"opinion,":[110],"financial":[112],"advice":[113],"difficult":[114],"maintain.":[116],"Ethical":[117],"problems":[118],"arise":[119],"not":[120],"only":[121],"fraud,":[123],"but":[124,156],"also":[125],"selective":[127],"information,":[128],"hidden":[129],"incentives,":[130],"artificial":[131],"attention,":[132],"market":[134,203],"give":[137],"uncertain":[138],"assets":[139],"appearance":[141],"legitimacy.":[143],"Consumer":[144],"vulnerability":[145],"similarly":[147],"situational.":[148],"Knowledge":[149],"experience":[151],"offer":[153],"some":[154],"protection,":[155],"trust,":[157],"technological":[158],"complexity,":[159],"influence,":[161],"speculative":[163],"expectations":[164],"continue":[165],"shape":[167],"judgement.":[168],"Regulatory":[169],"educational":[171],"responses":[172],"remain":[173],"fragmented":[174],"because":[175],"responsibility":[176,222],"dispersed":[178],"jurisdictions.":[182],"these":[186],"relationships":[187],"marketing":[191,213],"cycle":[192],"conceptually":[194],"organizes":[195],"concerns":[198],"develop":[200],"communication,":[202],"activity,":[204],"interpretation,":[206],"perspective":[210],"extends":[211],"beyond":[214],"accuracy":[216],"individual":[218],"claims":[219],"locates":[221],"within":[223],"structures":[225],"which":[227],"produced.":[231],"limited":[235],"by":[236],"its":[237],"reliance":[238],"on":[239],"absence":[243],"a":[245],"formal":[246],"risk-of-bias":[247],"assessment":[248],"included":[251],"studies.":[252]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2026-08-28T00:00:00"}