The United Kingdom’s financial regulator has outlined its stringent crackdown on cryptocurrency firms that fail to provide adequate disclosures and measures to ensure new investors understand the risks involved with crypto.
The UK regulator has taken action against 450 crypto ads for violating its strict new rules.
UK Regulator Scrutinizes Crypto Ads
In a recent statement, the Financial Conduct Authority (FCA) reported issuing 450 consumer warnings against crypto firms violating laws through advertisements during the last three months of 2023.
“Between 8 October 2023 (when the regime came into force) and 31 December 2023, we have issued 450 consumer alerts against firms illegally promoting cryptoassets.”
However, the FCA clarified issuing a license, s21, enabling authorized firms to approve crypto advertisements on behalf of unregistered firms. The rules and requirements will be stringent.
Read more: Crypto Social Media Scams: How to Stay Safe
Throughout the board, the FCA has escalated its issuance of alerts regarding promoting financial products over the past two years. In 2023 alone, they issued 2,285 alerts. This indicates that crypto warnings made up around 20% of all alerts.
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Author: Ciaran Lyons
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