Crypto News – A report outlining the steps taken by the Financial Conduct Authority (FCA), an independent financial regulatory organization in the UK, against financial advertising has been released. The report includes the FCA’s findings and actions taken against advertisements connected to cryptocurrencies.
Illegal Crypto Ads: FCA Says It Issued 450 Warnings for These Ads in 2023
The FCA announced on February 14 that it had discovered notable instances of non-compliance with the regulations governing cryptocurrency advertising, which went into force on October 8, 2023. Regulators examined cryptocurrency businesses that were both registered and unregistered, finding comparable problems.
This includes utilizing the regulated status in a promotional way and presenting general risk summaries without making any adjustments for product-specific hazards, like stablecoins or asset-backed coins. Additionally, according to the FCA, companies are claiming the safety, security, and use of cryptocurrency services without providing proof or outlining potential hazards.
FCA Says It Collaborates with Technology Companies
The regulator told businesses that if there were repeated rule violations, it would take action and might even deploy enforcement measures. The watchdog emphasized that the FCA sent out 450 consumer notices between October 8 and December 31, 2023, warning of entities that unlawfully promoted cryptocurrency through digital assets.
We are working with tech companies to remove and block illegal promotions, including websites, mobile applications (apps) and social media accounts. For example, our work has resulted in 35 apps being removed from app stores at the end of December 2023.
The regulator
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