UK crypto advertisers have defied the Financial Conduct Authority (FCA) rules at least 221 times

• New regulations require FCA-regulated companies to approve advertising related to cryptocurrencies.
• However, this is not the first time the FCA has raised concerns.

According to the UK Financial Conduct Authority (FCA), since new regulations on cryptocurrency advertising came into effect in the UK on October 8, companies promoting cryptocurrencies have violated these rules at least 221 times.

Financial Supervision Authority Announce As of October 25, companies had not yet provided adequate visual warnings about the risks or sufficient information about the risks. Moreover, they make claims about the security and ease of use of cryptocurrencies without adequately highlighting the risks associated with them.

This is despite the introduction of cryptocurrency promotion rules in early October.

Violations continue to pile up since the new rules went into effect

This is not the first time the Financial Conduct Authority (FCA) has raised concerns. On October 9, the Financial Supervision Authority mentioned Which issued 146 alerts regarding violations of the new rules within 24 hours of the new system coming into effect.

A large number of cryptocurrencies are regulated by the Financial Conduct Authority (FCA). Alerts They appear to be linked to illicit schemes that provide high returns on cryptocurrency investments. However, the FCA has also taken action against companies that appear legitimate.

On 10 October, the Financial Conduct Authority (FCA) revealed that it had imposed restrictions on Rebuilding Society, a company regulated by the Financial Conduct Authority (FCA). com. binance [BNB] It has partnered to approve its marketing and communications to comply with new Financial Conduct Authority (FCA) rules.

Binance subsequently suspended the onboarding process for new users in the UK.

The FCA is ready to take further action

The Financial Supervision Authority stressed that licensed companies that approve financial promotions for crypto-asset companies must take their regulatory obligations seriously. The FCA is prepared to take action if this does not happen.

The regulatory body is actively working with social media platforms, app stores, search engines, domain name registrars and payment providers to remove, block and prevent funds from flowing towards prohibited promotions.

The new regulations require companies regulated or authorized by the Financial Conduct Authority (FCA) to promote or approve advertising related to cryptocurrencies. It applies to all companies, even those without a presence in the UK.

These rules require that such promotions include prominent warnings about risks and refrain from encouraging investment in cryptocurrencies. Practices popular in overseas markets, such as referral bonuses and memes, face bans or restrictions in the UK under these regulations.

James Young, Head of Compliance at Transak, explained that implementing the FCA’s regulatory framework is a challenge for businesses. However, he believed it would significantly increase consumer protection and encourage broader adoption.

This is a machine translation of our English version.