TechFlow reported on August 7 that Coindesk reported that the UK Financial Conduct Authority (FCA) has issued more than 1,000 warnings to crypto companies since the financial promotion rules came into effect on October 8 last year. Lucy Castledine, FCA's director of consumer investment, said in an interview that these actions have resulted in 48 apps being removed from the UK app store.
Under the new rules, crypto companies must register with the FCA before they can promote to UK customers. Castledine pointed out that the FCA will continue to crack down on illegal practices and take action against unregistered crypto companies. The FCA also recently issued guidance for registered companies, emphasizing the difference between good and bad practices and requiring companies to reasonably judge the investor type of consumers before making financial promotions.
