TechFlow reported on August 7, according to Coindesk, that since the financial promotion rules took effect on October 8 last year, the UK Financial Conduct Authority (FCA) has issued over 1,000 warnings to crypto firms. Lucy Castledine, FCA's Director of Consumer Investment, said in an interview that these actions have led to the removal of 48 apps from UK app stores.
Under the new rules, crypto companies must register with the FCA to promote services to UK customers. Castledine noted that the FCA will continue cracking down on illegal activities and taking action against unregistered crypto firms. The FCA has also recently released guidance for registered firms, highlighting the difference between good and poor practices, and requiring firms to reasonably assess consumers' investor types before conducting financial promotions.
