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The UK financial regulator revealed that it released 450 warnings to consumers in the final quarter of 2023, cautioning against the unauthorized promotion of cryptocurrencies.
It emphasized the importance of authorized entities fulfilling their obligations seriously. The Financial Conduct Authority (FCA) implemented regulations on advertising starting October 8. These warnings were issued from that date until December 31, as stated in a report released on Wednesday.
Their collaboration with technology firms aims to eliminate and prevent the spread of illicit promotions across websites, mobile applications, and social media profiles. Notably, their efforts resulted in the removal of 35 apps from different App Stores by December 2023.
Cryptocurrency firms must either be registered with the FCA or have their advertisements approved by an authorized entity. Compliance entails including risk advisories and implementing a 24-hour cooling-off period for first-time purchasers.
The FCA stated, “We will be continuing our robust action against firms issuing illegal financial promotions in 2024.”
Also Read: Banxa First To Join UK Crypto Financial Conduct Authority
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