UK Financial Conduct Authority: Firms Marketing Crypto Assets That Don’t Comply With Financial Promotion Regime Will Face Criminal Charges

The UK’s Financial Conduct Authority (FCA) has written to firms marketing crypto assets to UK customers to comply with an upcoming financial promotion regime or face criminal charges punishable by up to 2 years in prison, an unlimited fine, or both Both. The FCA's order, which came into force on October 8, includes overseas companies selling their products to UK customers. Firms seeking to register with the Financial Conduct Authority (FCA) must be prepared to undergo a rigorous application process, pay a registration fee and wait up to three months.