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The Financial Conduct Authority’s new regime took effect on Oct. 8, and the regulator has been consulting on guidance since June. Under the new rules, firms are required to include appropriate risk warnings on all their communications to U.K. customers that have a “promotional” element. Source
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Major global cryptocurrency exchanges like Binance and OKX have announced that they're working to comply with new financial promotion regulations in the United Kingdom.The Financial Conduct Authority (FCA) of the U.K. enacted the country’s new Financial Promotions (FinProm) Regime on Oct. 8 for cryptocurrency firms, aiming to ensure fair, clean
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If they communicate financial promotions without approval of an authorized person, they are likely to be "communicating an illegal financial promotion," the FCA said. Influencers who fall within the scope of the FCA rules would need to make sure that their promotions are fair and not misleading. Source
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Crypto firms and influencers may need to start slapping disclaimers on crypto memes to stay compliant with advertising laws in the United Kingdom, according to a new proposed guidance from the country's financial regulator.On July 17, the Financial Conduct Authority (FCA) released a proposed guidance on social media financial promotions
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied On-chain sleuth @zachxbt has brought to attention that American rapper Soulja Boy has been scamming people with his 16 NFT drops and 73 promotions on Twitter. The rapper is said to have participated in multiple pump-and-dump schemes
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Research done by internet sleuth ZachXBT indicates that the "Crank That" rapper has promoted dozens of NFT projects on social media, some of which turned out to be rug pulls. Original Source
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The legislation also includes a limited time exemption for crypto companies that will allow those that are registered with the FCA the opportunity to approve their own ads as opposed to relying on others to do so. Some companies are authorized companies under FSMA, so can approve their own ads,
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Social media stars wouldn’t be allowed to shill unlicensed crypto under anti-scam plans voted on by the National Assembly’s Economics Committee Wednesday Source
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French lawmakers have proposed a ban on the promotion of certain financial products and services by electronic means, including crypto assets, in order to protect consumers from potential risks. The proposed amendment is to Bill no. 790, aimed at combating scams and excesses by influencers on social networks. The amendment also
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The FCA said a crypto asset business registered under the MLRs with the agency could conduct the promotion. The UK Financial Conduct Authority (FCA) has warned crypto companies within the nation to get ready for new rules on crypto asset promotions. The financial watchdog released a statement on the 6th of
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