87% of UK Crypto Firms Non-Compliant with Registration Requirements, Regulator Reports
The UK Financial Conduct Authority (FCA) reported that over 87% of crypto firm registrations were rejected. Withdrawn, or refused as part of its efforts to fight fraud and improve consumer protection.
In its annual report, the FCA introduced new marketing rules for crypto assets, including a 24-hour cooling-off period and stricter standards to prevent misleading promotions. The FCA issued 450 alerts against illegal crypto promotions in early 2024. And emphasized its commitment to international collaboration and enhanced oversight.
The report also noted increased regulatory actions and controls targeting high-risk firms to strengthen anti-financial crime measures.
Clever Robot News Desk 9th September 2024
