UK Financial Conduct Authority Warns About Common Crypto Marketing Issues

According to Foresight News, the UK Financial Conduct Authority (FCA) has issued a warning regarding common issues in cryptocurrency marketing. The FCA has identified three common problems in crypto asset financial promotions since October 8th, including: 1) promotions claiming 'safety', 'security', or the convenience of using crypto asset services without emphasizing the risks involved; 2) risk warnings that are not prominent enough due to small font size, difficult-to-read colors, or inconspicuous placement; and 3) companies failing to provide customers with sufficient information about the risks associated with the specific products being promoted.The FCA expects authorized firms approving crypto asset financial promotions to fulfill their regulatory obligations, otherwise, it will take action and has already restricted one authorized firm from approving crypto asset financial promotions. The FCA is working with social media platforms, app stores, search engines, and domain registrars to remove or block illegal promotional activities. They are also collaborating with payment companies to limit UK consumers' exposure to companies that publish illegal promotional activities. Furthermore, the FCA will continue to identify and take action against companies illegally promoting crypto assets to UK consumers.