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UK regulator reiterates threats after Binance approves partner

UK regulator reiterates threats after Binance approves partner

The FCA recently sanctioned Binance’s partner, the exchange, to no longer accept new clients in the United Kingdom, with the British financial watchdog reiterating its threats. This time, since October 8, the number of alerts for illegal crypto ads has increased to 221.

FCA invites advertisers to order cryptocurrency ads

The Financial Conduct Authority (FCA) has released a new report as new rules on advertising related to cryptocurrencies came into effect in the United Kingdom on October 8.

After launching 146 alerts a fortnight ago, the British financial watchdog Harden the tone against crypto promoters By inviting them to order, otherwise threatening to take action:

“We expect authorized entities that approve financial advertisements of crypto-asset companies to take their regulatory obligations seriously. If this does not happen, we will take action and have already imposed restrictions on authorized businesses to prevent them from allowing financial advertisements in cryptoassets. »

As for the aforementioned company, it is precisely (REBS), which we talked about last week. And for good reason, This is a company that has worked with BinanceThis exchange can no longer accept customers in the United Kingdom.

However, if the finance specified “New regulatory requirements“, FCA talks about regulations.

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Also, the FCA continued its warnings, Now the total is 221 :

“We will continue to identify and take action against companies illegally promoting cryptocurrencies to UK consumers. We have issued 221 warnings since the regime came into force. »

Among the series of issues identified, greater emphasis can be placed on facilitating investment considering the risks involved. In the same fashion, These risks are sometimes not mentioned or referred to in relevant advertisements in a way that is difficult to read.

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Additionally, it should be noted that the new FCA rules Not applicable for transfers onlyBut for any actor that can broadcast ads linked to crypto-assets, such as social networks, web browsers or app stores.

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Source: FCA

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