The Financial Conduct Authority released a new report this week detailing its efforts to combat illegal promotions of cryptoassets targeting UK consumers over the past year.
In 2023, the regulator issued a total of 2,285 alerts to warn consumers about potential scams, with 450 of them specifically targeting illegal cryptoasset promotions in the fourth quarter.
The report also revealed that the FCA had removed or altered over 10,000 financial advertisements and promotions, a 17% increase from the previous year.
Some enforcement actions taken by the FCA included cracking down on a firm that did not properly identify financial promotions on its website and giving feedback to a cryptoasset firm that lacked a control framework for its affiliate’s promotions.
The FCA also emphasized the importance of adhering to financial promotion rules for cryptoassets, warning that non-compliant cryptocurrency memes could lead to criminal offenses.
