Kingdom

United

Gary

<ul> 
 <li>Oct. 8 marked the beginning of the promotional guidelines set forth by the FCA.</li> 
 <li>Either registration with the FCA or approval from an authorized business is required.</li> 
</ul> 
The financial watchdog in the United Kingdom warned 450 businesses in the last quarter of 2023 for unlawfully marketing cryptocurrency and urged those with the authority to do business with them to fulfill their obligations. Oct. 8 marked the beginning of the promotional guidelines set forth by the Financial Conduct Authority (<a href="https://thenewscrypto.com/coinbase-implements-fca-compliant-measures-for-uk-users/" target="_blank" rel="noreferrer noopener">FCA</a>). According to a report that was released on Wednesday, the notifications were sent out between that time and December 31. 
<h3 class="wp-block-heading" id="h-stringent-promotional-guidelines">Stringent Promotional Guidelines</h3> 
Crypto businesses need to either register with the appropriate authorities or have their advertising approved by an authorized third party before they can run ads. Companies are obligated to provide risk warnings and first-time customers are given a 24-hour chance to reconsider, according to the regulations. Moreover, <a href="http://binance.com" target="_blank" rel="noreferrer noopener nofollow">Binance</a>, the biggest cryptocurrency exchange, was one of many businesses forced to temporarily halt operations in the <a href="https://thenewscrypto.com/uk-proceeds-cautiously-with-cbdc-development-amid-rising-concerns/" target="_blank" rel="noreferrer noopener">United Kingdom</a>. Rebuildingsociety.com, Binance’s promotional approver, was informed it could not authorize crypto advertisements, and the exchange has had trouble finding an alternative approver. Furthermore, in 2024, the Financial Conduct Authority’s crypto registry welcomed its first business, the U.K. affiliate of payments infrastructure provider Banxa (BNXA), on Friday. With their name added to the list, BNXA UK VASP may now provide cryptocurrency services to customers in the United Kingdom. For cryptocurrency exchanges like Binance and <a href="http://okx.com" target="_blank" rel="noreferrer noopener nofollow">OKX</a>, who do not have FCA crypto permission, Banxa processes fiat currency transactions and verifies users’ identities. Either registration with the FCA or approval from an authorized business is required for companies intending to send promotions to U.K. clients. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/gary-gensler-highlights-bitcoins-ransomware-market-share-dominance/" target="_blank" rel="noreferrer noopener">Gary Gensler Highlights Bitcoin’s Ransomware Market Share Dominance</a>

UK Financial Watchdog Continues Intense Scrutiny on Crypto Marketing

Table of Contents

TheNewsCrypto

Other articles published on Feb 15, 2024

Bitcoin Breaks $52K Amid Surging Active Addresses and Volume

DWF Labs Makes Significant Investment in API3 Cryptocurrency

Major banks embrace tokenization: Citigroup explores blockchain implementation

The Three Altcoins You Want to Buy Before the 2024 Bitcoin Halving

Best Crypto Presales and New Coin Listings to Buy Now: Featuring ApeMax, Meme Kombat, and more

The Digital Rush: Can iGaming Fuel Cryptocurrency Adoption?

Join our free newsletter for daily crypto updates!