FCA sends 146 alerts in first day of crypto promotion regime

The UK's Financial Conduct Authority has issued 146 alerts against crypto firms, which were not registered or regulated to promote cryptoassets.

The alerts took place on the first day of the new crypto marketing regime (8 October), which requires firms wishing to promote cryptoassets in the UK to be authorised or registered by the FCA.

FCA details penalties for firms breaching crypto marketing rules

The regulator said: "We expect businesses including social media platforms, app stores, search engines, domain name registrars and payments firms to consider the alerts we have issued and play their part in protecting UK consumers from illegal promotions."

Mike Ringer, financial services partner at law firm CMS, noted the FCA has "wasted no time in ramping up pressure on non-compliant cryptoasset businesses servicing UK customers".

Bradley Rice, financial regulatory partner at law firm Ashurst, echoed Ringer, adding there was "no surprise" at the FCA's speed of enforcement.

He said: "Some of these would have started before Sunday. But these are only public warning notices against firms who presumably have not shown any indication they will comply with the new rules. Tougher enforcement action and some bigger names is probably going on in private and/or might be further down the line if firms are not engaging or taking steps to comply."

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