According to CoinDesk: The Financial Conduct Authority (FCA), the UK's financial watchdog, released a total of 450 consumer alerts from October 8 to December 31, 2023, concerning firms illegally promoting cryptocurrencies. After implementing rules on promotions that began on October 8, the authority made it clear it would take strict measures against non-compliant businesses.
Under these regulations, any firms wishing to advertise their cryptocurrencies must either be registered with the FCA or have their ads approved by a company that is. The rules also dictate that such companies must include risk warnings and enforce a 24-hour 'cooling-off' period for first-time buyers.
The FCA emphasized its commitment to maintaining stringent action in 2024 against companies issuing unlawful financial promotions. This move has impacted some companies significantly, including Binance, the largest crypto exchange, which had to suspend its services in the UK. Rebuildingsociety.com, which previously approved Binance's promotions, was informed that it could no longer approve crypto ads, leading to the exchange facing issues in finding another approver.