Since the new rules for promoting cryptocurrency began in early October, the United Kingdom’s financial regulator has reported at least 221 breaches by crypto-promoting firms.
Despite the new regulations being in effect, these firms have failed to provide sufficient risk warnings and detail the potential risks involved with crypto.
The FCA previously announced 146 alerts of breaches within 24 hours of the new rules taking effect.
While some of these alerts were related to fraudulent schemes promising high returns on crypto investments, legitimate businesses have also faced consequences.
For example, the FCA placed restrictions on Rebuildingsociety, a firm partnered with Binance to meet the new marketing rules. As a result, Binance has suspended onboarding of new users from the UK.
