FCA Reminds UK Crypto Influencers that Memes Could be Financial Promotions Under their Rules

Yesterday, the UK’s Financial Conduct Authority (FCA) published its consultation on “Financial promotions on social media”.

The consultation noted that memes posted on social media would not be exempt from their oversight.

In particular, the FCA said that “The use of memes in promotions is particularly prevalent in the cryptoasset sector”. The consultation paper gave the following as an example of a meme that it would consider to be subject to the FCA Financial Promotions rules.

The text in the picture goes further than just meming – it clearly contains a call to action that encourages a consumer to invest in the market.

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The FCA is responsible for the oversight of cryptocurrency in the UK since June of this year, when its role was set out in the Financial Services and Markets Act.