• The Financial Conduct Authority sent 450 consumer alerts to firms that were illegally promoting cryptocurrency between Oct. 8, 2016 and Dec. 31, 2017.
  • The regulator has warned that it will continue to take strong action.

The U.K. Financial regulator stated that it issued 450 Consumer Alerts in the final three months of 2023 to companies illegally promoting cryptocurrency and called on authorized companies to take their responsibility seriously.

Financial Conduct Authority’s (FCA) rules for promotions came into effect on October 8. The alerts were sent between October 8 and December 31, according to , a report published on Wednesday.

To advertise, crypto firms must be registered or their ads have to approved by an authorized company. According to the rules, firms must include warnings about risks and offer a cooling-off period of 24 hours for first-time buyers.

The FCA stated that “we will continue our aggressive action against companies issuing illegal financial promotional materials in 2024”.

As a result , some companies, such as Binance, have been forced to temporarily suspend U.K. service. Binance’s promotions approver, Rebuildingsociety.com was told it could not approve crypto ads, and the exchange has encountered difficulties finding another approver.

Read more: UK rules for crypto ads approval will cause uncertainty for the industry

Sheldon Reback is the editor.