In the last three months of 2023, the Financial Conduct Authority (FCA) in the UK issued a total of 450 warnings to cryptocurrency companies for illegally promoting their products.
These violations occurred between October 8 and December 31 and involved companies failing to register with local authorities or obtain approval for promoting cryptocurrencies.
The FCA also noted that firms were not including risk warnings in their advertisements and were not providing the required 24-hour cooling-off period for new buyers.
The regulatory body emphasized the importance of responsible behavior from all participants in the crypto market.
It is worth mentioning that in October 2023, popular Bitcoin exchange Binance ceased operations in the UK after the FCA issued a warning to its partner Rebuilding Society, which had approved promotions for the exchange.
