TechFlow reported that UK regulators said in a letter on Thursday that many crypto companies have refused to cooperate with the FCA. The FCA stated it sent questionnaires to more than 150 crypto firms, but only 24 responded—a very low response rate. Of particular concern to the FCA is that many overseas crypto firms serving UK customers did not respond to the inquiry.
The FCA expressed concerns over whether these unregistered firms are prepared to comply with the new regulatory regime. It urged companies including social media platforms, app stores, and search engines not to support unregistered crypto firms in potentially illegal marketing activities.
From October 8, all crypto firms promoting services to UK consumers—including overseas firms—must comply with the UK’s financial marketing regulations.
