Tough new regime on crypto firms as the new FCA rules regarding marketing cryptoasset products come into force.
The Financial Conduct Authority (FCA), the financial regulatory body in the UK, has announced that on Monday, it issued 146 crypto alerts as it enters its new crypto regime.
FCA issues alerts
Tough new regime on crypto firms as the new FCA rules regarding marketing cryptoasset products come into force.
The regulator announced on Monday that it had added 146 crypto firms to the regulator’s warning list on October 9.
“We issued 146 alerts about cryptoasset promotions on the first day of the new regime,” wrote the FCA.
“We expect businesses including social media platforms, app stores, search engines, domain name registrars, and payments firms to consider the alerts we have issued and play their part in protecting U.K. consumers from illegal promotions,” the regulator added.
Read more: Binance launches new domain for UK users to comply with FCA
The announcement urged customers and others interested in the market to check the list before making any decisions. The regulator that it will continually update the list as it identifies firms that may be illegally marketing cryptoassets to the market without due regards to the new rules.
The regulator expressed its concerns in a letter sent to companies last month in advance of the deadline, stating that it was “concerned by the poor engagement from many unregistered, overseas cryptoasset firms who have UK customers on this important change” and that the low levels of engagement raised “serious concerns about unregistered firms’ readiness to comply with the new regime.”
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