The Financial Conduct Authority (FCA) of the UK has introduced new rules for crypto assets related service providers for promoting their products.
While speaking in an interview, FCA’s director of consumer investments, Lucy Castledine said that the rules will be widened for crypto asset service providers and the agency will record the warnings to violators on the hourly basis from Sunday.
According to a Bloomberg article, all crypto platforms will be required to display a clear risk warning in advertising while promoting their products across the UK. This new rule applies on all communication channels including website, applications, social media platforms and it must be approved by FCA-authorized firms.
Lucy further said that FCA will checkthrough over 100,000 websites on a daily basis for violations and it will work with enforcement agencies to take down non-compliant entities.
The new guidelines for cryptocurrency promotions was proposed in June which caused several companies to suspend their services in the UK, including ByBit, Luno and PayPal announced holting crypto purchases in the UK from October 1.
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