UK Regulator Identifies 450 Cases of Illegal Cryptocurrency Advertising

The UK’s Financial Conduct Authority (FCA) issued 450 warnings to cryptocurrency companies over illegal advertising of their products in the last three months of 2023.

The violations were recorded between October 8 and December 31. 

They involved the lack of company registration with local authorities or approval for promoting cryptocurrencies. Additionally, firms failed to include risk warnings in advertisements and to provide a 24-hour cooling-off period for new buyers of their products.

The FCA urged participants in the crypto market to take their responsibilities seriously.

In October 2023, the cryptocurrency exchange Binance suspended operations in the UK following a warning from the regulator to its partner Rebuilding Society, which approves promotional campaigns. 

A week prior, a new regime for cryptocurrency advertising proposed by the FCA came into effect in the country. It supplemented the Financial Services and Markets Act, impacting industry regulation in the UK.