UK FCA Announces Strict Measures for Crypto Firms

UK FCA plans to impose strict regulations on crypto firms that fail to comply with new advertising rules, with penalties including unlimited fines and imprisonment.
UK FCA Announces Strict Measures for Crypto Firms
UK FCA Announces Strict Measures for Crypto Firms

New guidelines for promoting their goods have been made available by the UK’s Financial Conduct Authority (FCA).

In an interview, Lucy Castledine, the director of consumer investments at the FCA, stated that the regulations would be expanded to include suppliers of services related to digital assets, and starting on Sunday, the organization will begin recording warnings to offenders on an hourly basis.

All cryptocurrency platforms promoting their products in the UK will have to clearly state any risks associated with doing so, according to a Bloomberg report. All means of communication, including websites, mobile applications, and social media platforms, must comply with this new regulation, which is subject to FCA authorization.

Lucy added that the FCA will regularly scan over 100,000 websites for infractions and will collaborate with law enforcement to deactivate non-compliant entities.

In response to the new regulations for cryptocurrency promotions that were floated in June, a number of businesses in the UK suspended their operations. ByBit, Luno, and PayPal all declared that they would no longer accept cryptocurrency payments beginning on October 1.

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