UK Financial Watchdog issued 450 alerts on illegal crypto promotions in last three months of 2023

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London: The U.K. financial regulator said it issued 450 consumer alerts in the last three months of 2023 against firms illegally promoting crypto and called on authorizing companies to take their responsibilities seriously.

The Financial Conduct Authority (FCA)’s rules on promotions kicked in on Oct. 8. The alerts were issued between then and Dec. 31, it said in a report.

In order to advertise, crypto companies have to be registered with the authority or have their ads approved by a company that’s authorized to do so. The rules require firms to include risk warnings and to have a 24-hour cooling off period for first time buyers.

“We will be continuing our robust action against firms issuing illegal financial promotions in 2024,” the FCA said.

Some companies, including Binance, the largest crypto exchange, have had to suspend U.K. services as a result. Binance’s promotions approver, Rebuildingsociety.com was told it could not approve crypto ads, and the exchange has encountered difficulties finding another approver.