Crypto-promoting firms in the United Kingdom have been found to be in breach of the country’s new crypto marketing rules on multiple occasions. According to the Financial Conduct Authority (FCA), these firms have violated the rules at least 221 times since they came into effect in early October. The FCA has identified three common issues with these firms’ promotions, including a lack of visible risk warnings, inadequate information about risks, and claims about the safety and ease of using crypto without highlighting the associated risks. The FCA has been issuing alerts and taking action against both illegitimate schemes and seemingly legitimate businesses. It has also placed restrictions on certain firms, such as Rebuildingsociety, which was partnered with Binance. The FCA expects authorized firms to take their regulatory obligations seriously and is working with various platforms and providers to remove and block banned promotions. The new rules require that crypto-related ads can only be promoted or approved by FCA-authorized or regulated firms and must include prominent risk warnings. Incentivizing investing in crypto and certain promotions common in overseas markets are banned or restricted in the UK. While implementing the FCA’s regime may be challenging for businesses, it is believed that it will ultimately increase consumer protection and adoption of crypto.

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Information	Details
Geography	Europe
Countries	🇬🇧
Sentiment	neutral
Relevance Score	1
People	None
Companies	Binance, Cointelegraph, Financial Conduct Authority, Rebuildingsociety
Currencies	None
Securities	None