The Financial Conduct Authority in the United Kingdom ordered the withdrawal or amendment of over 10,000 finance-related promotions last year.
The Financial Conduct Authority (FCA) — an independent financial regulatory body in the U.K. — has published a report detailing its actions against financial promotions, including its findings and actions against crypto-related advertisements.
On Feb. 14, the FCA reported that they found “significant levels of non-compliance” on crypto promotion rules that came into effect on Oct. 8, 2023. According to the regulator, they reviewed both registered and unregistered crypto firms and identified common issues.
This includes the use of generic risk summaries without any amendments for product-specific risks such as stablecoins or asset-backed coins and using the regulated status in a promotional manner. Furthermore, the FCA also said that firms are making claims about the safety, security, and ease of use of crypto services without supporting evidence and highlighting risks.
