The UK’s Financial Conduct Authority (FCA) has issued a warning to unregistered overseas cryptoasset firms, threatening fines and imprisonment for those who fail to comply with new rules governing the marketing of crypto assets to UK customers.
In June, the FCA introduced stringent rules for the marketing of crypto assets by companies, regardless of their global location. These rules require that all marketing be “clear, fair, and not misleading,” include prominent risk warnings, and avoid inappropriate incentives for investment, such as “refer a friend” bonuses.
The FCA has expressed concern about the lack of engagement from many unregistered overseas crypto firms that have UK customers. Despite its efforts to communicate with these firms, only 24 out of over 150 firms responded to a survey.
In a letter titled ‘final warning’ sent to these firms, the FCA emphasized the importance of compliance with the new rules. The regulator warned that failure to engage would put these firms in breach of section 21 of the Financial Services and Markets Act 2000, constituting a criminal offense punishable by up to two years in imprisonment, an unlimited fine, or both.
The FCA also indicated its intent to take action against firms that illegally promote their services to UK consumers, including placing them on its Warning List and taking steps to remove or block any illegal financial promotions on websites, social media accounts, and apps.
While firms are permitted to communicate with their existing UK customers regarding the sale or transfer of their holdings, they are prohibited from promoting further investment activities. The FCA expects such communications to be limited in duration, as it would be unsustainable for unregistered crypto firms to maintain a long-term relationship with UK consumers they cannot legally promote to.
By FCCT Editorial Team freeslots dinogame telegram营销
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}