UK Launches Crackdown on ‘Misleading’ Cryptocurrency Ads

the Financial Conduct Authority (FCA) announced that the new rules will come into force in October and it will include the banning of “refer a friend” bonus schemes. Moreover, the new rules require firms issuing crypto assets to provide clear and fair risk warnings to consumers that state they should only invest what they are prepared to lose. This is a crucial step forward for consumer protection in the crypto industry.

Stricter marketing regulations are revealed by the banking regulator on Thursday. According to new rules, British consumers purchasing crypto assets will get a 24-hour “cooling-off” period for the first time starting in October.

The Financial Conduct Authority (FCA) announced that the new rules will come into force in October and it will include the banning of “refer a friend” bonus schemes. Moreover, the new rules require firms issuing crypto assets to provide clear and fair risk warnings to consumers that state they should only invest what they are prepared to lose.

This is a crucial step forward for consumer protection in the crypto industry.

Robert Wilson
Robert Wilson author

As the overseer of NicheBot's editorial content, I am committed to ensuring that all information published on our website is both accurate and relevant to our readers. My fervent support for the crypto industry has led me to closely monitor the developments within it since 2012, and I have contributed extensively to discussions and debates surrounding the world of Bitcoin.

Articles: 9258