Uk Agency Warns against Deceptive Crypto promotions

UK's Prominent Financial Regultory Body, Financial Conduct Authority (FCA ) warns against Misleading Crypto Promtions. According to FCA Since 8 October 2023, firms wishing to promote cryptoassets in the UK must, by law, be authorised or registered by the FCA, or have their marketing approved by an authorised firm. Under FCA rules, promotions must also be clear, fair and not misleading, labelled with prominent risk warnings and must not inappropriately incentivise people to invest. These changes bring cryptoassets in line with other high-risk investments.

“Because we take a risk-based approach, not all firms of potential concern will be added immediately. This list will be updated when we identify organisations who may be illegally advertising cryptoasset promotions while failing to engage constructively with us.” FCA added. The FCA also advised customers that purchasing cryptoassets is still risky and that they should be prepared to lose all of their money.

On the first day of the new regime the UK Watchdog Financial Conduct Authority issued 146 alerts about cryptoasset promotions. Also The Authority warned Consumers that they should check the Warning List before making any investment in crypto. The list will help consumers understand where firms' promotions may be breaking the law and consider the promotion with the full information available.

About FCA

Financial Conduct Authority (FCA) is a regulatory body in the UK . The FCA's main role is to protect consumers by regulating financial products and services, promoting competition, and ensuring that financial firms are financially stable. The FCA also has the power to investigate and take enforcement action against firms that breach its rules and regulations.

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