The Financial Conduct Authority (FCA) in the UK has revealed it issued 450 warnings to companies involved in illegal crypto promotions between October and December.
In a press release on Wednesday, the FCA highlighted the removal of 35 apps from the App Store in late December as part of its enforcement efforts.
Last year, the FCA implemented strict guidelines aimed at curbing the promotion of illegal cryptocurrencies, affecting entities such as Binance. In October, the FCA targeted Rebuilding Society, which it identified as a Binance partner.
At that time, the FCA indicated it had issued warnings to 146 crypto companies for non-compliance with regulations.
Furthermore, the FCA revealed that they had researched 44 crypto companies registered with the agency. The review covered websites, mobile apps, social media and advertising, showing significant levels of non-compliance.
The company received feedback from the FCA outlining concerns and requesting remedial action to rectify the breach and ensure compliance with regulatory standards.
The FCA identified recurring themes in its review, including the utilization of influencers for crypto promotion, the provision of “generic” risk summaries, and the use of small fonts that hindered the readability of risk warnings.
Expressing continued concern, the FCA emphasized that regulated companies must meet their obligations when providing support services to crypto entities that illegally promote to UK consumers, particularly in payment services.
The FCA's alert underscores its commitment to maintaining the integrity of the financial ecosystem and protecting consumers from potential risks associated with illegal crypto activity.
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You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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