FCA: Cryptocurrency firms have breached UK’s new promotion rules 221 times since early October

The UK Financial Conduct Authority (FCA) has stated that cryptocurrency promotion companies have violated the new cryptocurrency marketing rules at least 221 times since they came into effect in early October. In a statement on October 25th, the FCA stated that companies have failed to provide sufficient risk warnings, risk information, and claims related to these issues since the implementation of the cryptocurrency promotion rules on October 8th. They have emphasized the security, protection, or ease of use of cryptocurrencies without highlighting the risks involved.

The FCA statement stated that it hopes that authorized companies that approve financial promotion activities of cryptocurrency companies will fulfill their regulatory obligations carefully.