Summary
The UK’s Financial Conduct Authority (FCA) has issued 450 warnings to firms promoting cryptocurrencies illegally between October and December. In addition, the FCA has removed 35 apps from the App Store by the end of December. Last year, the FCA implemented new guidelines to crack down on crypto promotions, affecting companies like Binance. The FCA has reviewed 44 crypto companies registered with them and found significant levels of non-compliance with their rules. Some common issues include the use of influencers to promote crypto firms and small fonts that make risk warnings hard to read. The FCA is concerned that regulated firms are not doing enough to meet their obligations when providing support services to illegally promoting crypto firms.
Key Points
1. The UK’s Financial Conduct Authority issued 450 warnings to firms promoting crypto illegally between October and December.
2. The FCA removed 35 apps from the App Store by the end of December due to illegal crypto promotions.
3. The FCA reviewed 44 crypto companies registered with them and found significant levels of non-compliance with their rules, including the use of influencers to promote crypto firms and poorly positioned risk warnings.