The FCA’s Review of 44 UK Crypto Firms
The Financial Conduct Authority (FCA) has conducted internal reviews on 44 cryptocurrency firms registered in the country to tackle money laundering concerns. The FCA has taken robust action to ensure strict compliance with anti-money laundering regulations, with a focus on user asset security.
Noncompliance with rules was found, including the use of affiliates and financial influencers for promotions, as well as the concealment of risk warnings. The FCA provided feedback to firms outlining their concerns and requested action to rectify breaches and conduct full reviews of promotions.
FCA Alerts Consumers on 450 Ads
Financial advertising has been under scrutiny by the FCA in the last three months. The commission expects approvers to pay attention to regulatory requirements before allowing overseas firms to promote to UK consumers. Similar actions have been taken by regulators in other jurisdictions against foreign firms targeting local users through promotional activity.
Wider Efforts by The FCA
In addition, the FCA has plans with tech companies to block illegal promotions involving cryptocurrency assets on mobile applications, websites, and social media. Over 10,000 financial advertisements were flagged in 2023, despite regulatory measures deployed.
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