UK’s FCA Warns Unregistered Crypto Firms About Lack of Engagement

The UK’s Financial Conduct Authority has issued a warning to unregistered cryptocurrency firms for their lack of interaction with the regulator in preparation for the new financial promotions regime.

Despite sending a survey to over 150 firms, only 24 responded, leading the FCA to express concern, particularly for overseas firms with UK customers.

With the new regime coming into effect on Oct. 8, all crypto asset firms marketing to UK consumers, including those based overseas, must comply with the regulations.

This includes obtaining approval from an FCA authorized person for all promotions, even those on social media, websites, and online advertising platforms.

In the letter, the FCA outlines the steps firms can take to comply and warns of potential consequences for non-compliance.

The guidelines also cover non-compliant crypto memes, which the regulator may view as financial promotions.