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Crypto firms could face jail time for unauthorized ads: UK regulator

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Crypto firms face big penalties, including jail time, for unauthorized ads following the FTX disaster, UK financial regulator says

The Financial Conduct Authority said cryptocurrency companies will need to adhere to the UK regulator's forthcoming advertising laws or face the consequences.

"All cryptoasset firms marketing to UK consumers, including firms based overseas, will soon need to comply with the new UK financial promotions regime," the FCA said in aMonday."Firms must start preparing now for this regime. We will take robust action against firms breaching these requirements." The regulator's statement follows a slew of bankruptcy filings from crypto giants like Sam Bankman-Fried's FTX, the crypto exchange that lost at least $8 billion of customer funds last year.

 

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