UK FCA takes action against rule-breaking crypto firms
The FCA issued a statement on Oct. 25, warning crypto firms that they still need to comply with the new rules on financial promotions for crypto assets. The FCA said it has identified 221 breaches of the rules by crypto firms since then and will take “robust action” against them. The new rules require crypt o firms to provide clear and prominent risk warnings, accurate and balanced information, and appropriate safeguards for consumers when they market their products and services to UK consumers. The papers also classify crypto assets as “Restricted Mass Market Investments, ” meaning they can only be promoted to certain types of investors, such as professional clients or high-net-worth individuals. You might also like: Impact of FCA’s new crypto rules: market shifts and high-profile exits The regulator said it found that many crypto firms still need to comply with these rules and are making misleading or inaccurate claims about the benefits, safety,...