FCA Issues Over 1,000 Warnings to Crypto Firms for Illegal Promotions
CryptoNewsTerminal Staff07 Aug, 2024
FCA Issues Over 1,000 Warnings to Crypto Firms for Illegal Promotions
The UK's Financial Conduct Authority (FCA) has issued over 1,000 warnings to crypto firms since October last year for violating advertising rules, CoinDesk reported. The FCA took action against these firms for promoting crypto without prior approval, which is a requirement under UK law. The crackdown has resulted in the removal of 48 crypto-related apps from the UK App Store. The FCA's crackdown on illegal crypto promotions is part of its efforts to protect consumers from potential financial harm. The agency has warned that crypto investments are high-risk and investors should proceed with caution. The FCA plans to continue taking action against firms that illegally promote crypto. It encourages investors to be vigilant and report any suspicious activity to the agency. Investors can protect themselves from illegal crypto promotions by only investing with firms that are authorized by the FCA. They should also research any crypto investment thoroughly before making a decision.
