UK Watchdog Pledges Swift Action if Crypto Firms Break New Promotion Rules
- Tougher financial promotions rules apply to crypto from Oct. 8
- Watchdog will add firms to warning list starting on Sunday
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The UK’s Financial Conduct Authority will move fast to name and shame crypto firms that fall foul of expanded rules limiting the way they tout their products.
It’s all part of the UK’s efforts to tame high-risk financial promotions and the gamification of trading platforms. As of Sunday, the rules will be widened to include cryptoasset service providers — regardless of their location — and the watchdog will start updating its online warning list of violators hourly as new infractions come to light, according to Lucy Castledine, the FCA’s director of consumer investments.