The UK's Financial Conduct Authority regulates financial meme advertising to curb cryptocurrency investment scams

ChainCatcher news, in response to the rise in fraud cases, the UK's Financial Conduct Authority (FCA) has announced a series of guidelines for financial services companies and social media influencers regarding the posting of memes about cryptocurrencies and other investments. The FCA stated in a statement that any marketing content for financial products— including content expressed through memes— should be fair, clear, and not misleading. The regulator requires that all financial social media influencers must obtain approval from an FCA-designated representative before posting advertisements and memes related to financial products and services.

The FCA noted that the use of memes for promotion is particularly common in the cryptocurrency industry, especially on platforms like Telegram and Reddit. This move is part of the FCA's measures in response to the increasing trend of financial fraud, as the regulator removed over 10,000 misleading financial services advertisements in 2022.