FCA warns crypto firms to take new marketing rules seriously or face action
THE Financial Conduct Authority has urged crypto firms to take its new regulations surrounding the marketing of digital assets seriously, or face action.
The financial watchdog said it had found a series of common issues over a failure to properly highlight the risks involved with crypto assets since the new rules came into force on October 8.
One of the main problems, the authority says, involves crypto companies publishing warnings that were too difficult to read or understand.
It added that many risk warnings were being set as small print or in a style that made it hard to properly digest.
“We expect authorised firms approving the financial promotions of crypto asset firms to take their regulatory obligations seriously,” the FCA statement read.
“Where this is not happening, we will take action and have already placed restrictions on an authorised firm to restrict it from approving crypto asset financial promotions.”