UK Financial Conduct Authority: Strong action will be taken if any crypto-related companies are found to violate financial promotion rules

ChainCatcher news, the UK's Financial Conduct Authority (FCA) has issued a statement warning all companies promoting crypto assets to UK consumers, including overseas firms, that they must comply with the UK's financial promotion regime. However, many crypto companies have refused to cooperate with the FCA, with only 24 out of more than 150 companies responding to a survey. The FCA stated that this raises serious concerns about the readiness of unregistered companies to comply with the new regime. Strong action will be taken if any companies are found to be violating the regime by promoting crypto assets.

Previously, the FCA sent letters to companies marketing crypto assets to UK customers, requiring them to comply with the upcoming financial promotion regime, or face criminal charges, which could result in up to 2 years in prison, unlimited fines, or both. The FCA's order takes effect from October 8, which includes overseas companies selling their products to UK customers.