Cryptocurrency

In a startling revelation, the Financial Conduct Authority (FCA) in the United Kingdom has disclosed that crypto-promoting firms have violated the newly enacted crypto marketing <a href="https://cryptosnewss.com/crypto-firms-face-scrutiny-over-lack-of-engagement-with-uk-regulator/" rel="noopener noreferrer nofollow">regulations</a> a whopping 221 times since their implementation in early October. The FCA, tasked with ensuring the financial safety and security of investors, voiced its concerns in an official statement <a href="https://www.fca.org.uk/news/statements/common-issues-crypto-marketing" rel="noopener noreferrer nofollow">released</a> on October 25.The FCA cited persistent issues with these firms failing to deliver adequately visible risk warnings, provide comprehensive information about potential risks, and making baseless claims about the safety, security, or ease of using cryptocurrencies without acknowledging the associated risks. These regulations, which came into effect on October 8, were intended to enhance transparency and safeguard consumers in the crypto space.This alarming figure from the FCA’s latest <a href="https://www.fca.org.uk/news/statements/fca-issues-146-alerts-first-24-hours-new-crypto-marketing-regime" rel="noopener noreferrer nofollow">report</a> follows a previous announcement on October 9, where the regulatory body revealed that it had issued a staggering 146 alerts within the first 24 hours after the new regulations went live. These alerts predominantly target illegitimate schemes that offer high-yield returns on crypto investments. However, the FCA has not hesitated to take action against seemingly legitimate businesses that failed to adhere to these new guidelines.In one notable instance, the FCA placed <a href="https://www.fca.org.uk/news/search-results?category&#61;warnings&amp;start&#61;31" rel="noopener noreferrer nofollow">restrictions</a> on Rebuildingsociety, a firm previously associated with Binance, to ensure compliance with the new marketing rules. In response, Binance temporarily suspended onboarding new users in the UK. The FCA stated, “We expect authorized firms approving the financial promotions of cryptoasset firms to take their regulatory obligations seriously. Where this is not happening, we will take action.”To combat this issue, the FCA is working in collaboration with various platforms, including social media, app stores, search engines, domain name registrars, and payment providers, to halt the distribution of funds to prohibited promotions and remove such content._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/fca-unveils-shocking-data-uk-crypto-firms-flout-regulations-221-times/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on October 26, 2023.

FCA Unveils Shocking Data: UK Crypto Firms Flout Regulations 221 Times

Cryptos Newss

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