UK regulator issued 450 alerts for illegal crypto ads in 2023
The Financial Conduct Authority in the United Kingdom ordered the withdrawal or amendment of over 10,000 finance-related promotions in 2023.
The Financial Conduct Authority (FCA) — an independent financial regulatory body in the United Kingdom — has published a report detailing its actions against financial promotions, including its findings and actions against crypto-related advertisements.
On Feb. 14, the FCA reported that it found “significant levels of non-compliance” on crypto promotion rules that came into effect on Oct. 8, 2023. According to the regulator, i reviewed both registered and unregistered crypto firms and identified common issues.
This includes the use of generic risk summaries without any amendments for product-specific risks, such as stablecoins or asset-backed coins, and using the regulated status in a promotional manner. Furthermore, the FCA also said that firms are making claims about the safety, security and ease of use of crypto services without supporting evidence or highlighting risks.
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