British financial regulator, the Financial Conduct Authority (FCA), has issued 146 crypto promotion alerts in the first 24 hours of its new crypto marketing regime. “We expect businesses including social media platforms, app stores, search engines, domain name registrars, and payments firms to consider the alerts we have issued and play their part in protecting U.K. consumers from illegal promotions,” the regulator detailed.
146 Crypto Alerts Issued in U.K. Within 24 Hours
The Financial Conduct Authority (FCA), the top financial regulatory body in the United Kingdom, announced Monday that it issued 146 alerts in the first 24 hours of its new crypto marketing regime. Noting that the changes to legislation that bring crypto asset promotions under its remit are now in force, the FCA wrote:
We issued 146 alerts about cryptoasset promotions on the first day of the new regime.
“We expect businesses including social media platforms, app stores, search engines, domain name registrars, and payments firms to consider the alerts we have issued and play their part in protecting U.K. consumers from illegal promotions,” the regulator stressed. The FCA further urged consumers to check its Warning List before making any crypto investments.
Huobi (also known as HTX) and Kucoin, are among the cryptocurrency trading platforms the FCA added to its Warning List of Unauthorized Firms on Sunday. A spokesperson for Huobi told Bloomberg that the crypto exchange “does not operate or market its services or products in the U.K.” Kucoin similarly told the publication that it does not operate in the U.K. but is committed to adjusting its products and services “to the extent possible” to ensure compliance with relevant laws and regulations in each country.
The U.K. financial regulator explained that since Oct. 8, firms wishing to promote crypto assets in the country “must be authorized or registered” by the FCA, or have their marketing approved by an authorized firm. “Under FCA rules, promotions must also be clear, fair, and not misleading, labeled with prominent risk warnings, and must not inappropriately incentivize people to invest. These changes bring cryptoassets in line with other high-risk investments,” the FCA noted.
The British regulator added:
We also continue to remind people that purchasing cryptoassets remains high-risk and that they should be prepared to lose all their money.
What do you think about the FCA issuing 146 crypto alerts on its first day of new regulation? Let us know in the comments section below.
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