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FCA identifies three major problems with UK crypto promotions

Crypto promotions came under the FCA’s remit earlier this month and it has highlighted three red flags that it will be cracking down on.

FCA crypto crackdown brings warning list up to 12,200 firms

The FCA’s warning list shows “details of unauthorized firms and individuals that we’re aware of, that aren’t allowed to operate in the UK.”

The UK’s financial regulator FCA issued a severe warning to all crypto firms: fall in line or risk getting thrown in prison.

Research also showed that 70% of high street banks and 56% of challenger banks don’t carry out necessary ‘know your business’ verification.

Under new rules from the FCA, crypto firms will also be required to warn traders that they won’t be protected “if something goes wrong.”