he FCA (Financial Conduct Authority), the British financial regulator, has issued around 146 cryptocurrency promotion alerts in the very first 24 hours of its brand-new crypto marketing plan. In this context, the regulator detailed, “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.”
146 Crypto Promotion Alerts Issued In A Day!
The FCA is the top financial regulatory body in the United Kingdom. The Financial Conduct Authority issued 146 alerts on Monday in the very first 24 hours of its latest marketing regime.
While noting the different changes in legislation that are typical for crypto asset promotions, the FCA wrote, “We issued 146 alerts about crypto asset promotions on the first day of the new regime.”
The regulator further stressed, “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.”
Moreover, the FCA also urged consumers to find out its warning list right before making any type of cryptocurrency investment.
KuCoin And HTX Added To The FCA’s Warning List:
HTX, a.k.a. Huobi and Kucoin, are among the crypto trading platforms that the FCA added on Sunday to its Warning List of multiple unauthorized firms. A spokesperson from Huobi told Bloomberg that the cryptocurrency exchange “does not operate or market its services or products in the U.K.”
Similarly, Kucoin told the same publication that it doesn’t operate in the United Kingdom but is dedicated to adjusting its services as well as products to the possible extent to ensure compliance with absolutely relevant laws and regulations in every country.
The financial regulator from the U.K. also explained that since 8th October, the firms that have been planning to promote cryptocurrency assets in the country should be registered or authorized by the FCA or even get their marking easily approved by a registered or authorized firm.
In this context, the FCA noted, “Under FCA rules, promotions must also be clear, fair, and not misleading, labeled with prominent risk warnings, and must not inappropriately incentivize people to invest. These changes bring crypto assets in line with other high-risk investments.”
At the same time, the British regulator also added, “We also continue to remind people that purchasing crypto assets remains high-risk and that they should be prepared to lose all their money.”