UK crypto

FCA Warns Crypto Firms of Upcoming Financial Promotion Rules

CryptocurrencyNewsRegulation
··1 min read

Yesterday, the UK Financial Conduct Authority (FCA) sent a letter warning cryptocurrency firms marketing to UK consumers. The letter noted that many overseas crypto firms have refused to engage with the FCA about its upcoming regime for financial promotions.

The regulator said that despite their best efforts “only 24 firms responded to a survey that was sent to over 150 firms”. The FCA went on to say that the lack of engagement raised “serious concerns about unregistered firms’ readiness to comply with the new regime”.

Crypto firms, even those operating overseas who market to UK consumers, will be required to comply with the rules from October 8th. The FCA said they will take action against firms that fail to comply with the financial promotions rules.

We will take action against firms illegally promoting to UK consumers including, but not
limited to, placing firms on our Warning List and taking steps to remove or block any
illegal financial promotions such as websites, social media accounts and apps. In certain cases, we will consider enforcement action, which may include applying to a
Court for injunctions, seeking payment of compensation or, in the most serious cases,
criminal prosecution.

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