The United Kingdom’s Financial Conduct Authority (FCA) warned crypto businesses on Thursday to fall in line with new financial promotion rules, which the vast majority of businesses appear to be ignoring. 

In a public letter published by the FCA, the regulator said that only 24 of 150+ firms have replied to a survey sent to them by the regulator related to the new rules. After taking effect next month, the rules will severely restrict how financial promotions from  “unauthorized and unregistered crypto businesses” can be communicated. 

“We are concerned by the poor engagement from many unregistered, overseas crypto asset firms who have U.K. customers on this important change,” wrote the FCA in its statement.

After taking effect on October 8, crypto firms “must cease making illegal financial promotions to U.K. consumers,” the letter added. Punishments for continuing such activity could include “up to 2 years imprisonment, an unlimited fine, or both.”

The FCA did not immediately respond to Decrypt’s request for comment. 

The rules specifically bar unauthorized crypto firms from sharing promotions with U.K. customers that invite them to invest in crypto assets, a rule that already exists for other financial products.

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Author: Andrew Throuvalas

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