TechFlow news: Cryptocurrency advertisements in the UK are subject to strict regulations. Companies must be included in the national cryptocurrency registration to approve their own communications; otherwise, they must have their ads approved by an authorized firm.
For example, Rebuildingsociety.com, a partner of Binance, has recently had its ability to approve cryptocurrency ads restricted by financial regulators. As a result, Binance announced it will no longer accept new UK customers until it finds an authorized advertising approver.
Currently, up to 10 cryptocurrency firms, including Coinbase and OKX, rely on the trading platform Archax to approve their advertisements in the UK.
However, even Archax’s future ability to approve crypto ads is not guaranteed, as it must apply for continued approval from the Financial Conduct Authority (FCA). This is part of the FCA's cryptocurrency advertising rules, which since taking effect on October 8, 2023, have placed around 221 cryptocurrency platforms on its warning list.
If the FCA rejects Archax’s application, companies relying on it for ad approvals will need to find alternative compliant solutions. Therefore, under current circumstances, many firms are actively striving to obtain FCA approval so they can continue approving cryptocurrency advertisements. They hope to receive positive responses from the FCA to ensure continuity of this service.
