The United Kingdom’s financial regulator has outlined its stringent crackdown on cryptocurrency firms that fail to provide adequate disclosures and measures to ensure new investors understand the risks involved with crypto.
However, the Financial Conduct Authority (FCA) will bar one specific firm, which has not been named, from ever promoting its crypto products.
“We have placed requirements on one firm to restrict it from approving cryptoasset financial promotions. Another firm has voluntarily agreed to requirements to restrict it from approving cryptoasset financial promotions.”
UK FCA Tightens Grip on Crypto
In December 2023, BeInCrypto reported that the FCA put Justin Sun’s crypto exchange, Poloniex, under scrutiny for providing financial services without the necessary permissions
The FCA’s official website warned that the crypto exchange may have been conducting business with UK citizens without registering with the financial watchdog. The FCA wrote
“This firm may be promoting financial services or products without our permission. You should avoid dealing with this firm.”
