Solana

Resistance

<ul>
 <li>The FCA discovered over 200 rule violations little over two weeks after rule implementation.</li>
 <li>In June of 2023, the FCA made an announcement on the introduction of new rules.</li>
</ul>
The UK’s financial watchdog, the Financial Conduct Authority (<a href="https://thenewscrypto.com/fca-bolsters-efforts-against-crypto-market-abuse-in-the-uk/" target="_blank" rel="noopener noreferrer nofollow">FCA</a>), has issued fresh guidelines for cryptocurrency companies that promote cryptocurrency services. In October 2023, the FCA implemented laws regarding the marketing of cryptocurrencies and has since been assisting the sector in meeting these requirements.
The authority looked at how businesses were putting the rules for advertising crypto services into action. It picked businesses that met the criteria, contacted them for information, and even paid them a visit.
<h3 class="wp-block-heading" id="h-stringent-compliance">Stringent Compliance</h3>
The Financial Conduct Authority (FCA) was interested in hearing how businesses were handling the following: the 24-hour cooling-off period; customer classification; determining whether an investment was suitable; maintaining records; and doing due diligence on cryptocurrency assets. They classified their results as either excellent or bad practices.
Moreover, most of the suggestions made on the subjects were simple. Also, some of the suggestions had greater weight. According to the evaluation, several companies’ due diligence was too concerned with determining if the cryptocurrency constituted a security in other countries, rather than being adapted to meet the needs of UK regulators.
In June of 2023, the FCA made an announcement on the introduction of new rules in October of the same year. Regulated in August 2022, they were to supersede such regulations. The FCA anticipated that not all businesses will be in compliance by October. And extended the deadline for others until January 8, 2024.
The FCA discovered over 200 rule violations little over two weeks after the promotional regulations were implemented, according to the statement. After its banking partner was subject to limitations, even <a href="https://thenewscrypto.com/india-demands-86-million-from-binance-for-gst-non-compliance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> had compliance challenges.
&nbsp;Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/solana-eyes-150-sol-climbs-to-major-resistance/" target="_blank" rel="noopener noreferrer nofollow">Solana Eyes $150: SOL Climbs To Major Resistance</a>

FCA Issues New Guidelines for Crypto Firms on Marketing Compliance

Table of Contents

TheNewsCrypto

Other articles published on Aug 8, 2024

IMF, El Salvador Advance Economic Reform Talks, Address Bitcoin Risks

Ripple Wins Legal Battle and Spurs XRP Whale Activity

Innovative Crypto Strategies: Aptos Network Growth and the Best Crypto Presale in August 2024

Memecoins Experience Rapid Growth

SEC Moves to Amend Complaint Against Binance, Binance.US, and Zhao: Solana (SOL) May Be Impacted

Pennsylvania Professor Jeremy Siegel Urges Immediate 0.75% Rate Cut Amid Global Market Crash

Join our free newsletter for daily crypto updates!