Crypto ads face stricter rules, referral bonus ban by UK FCA
Crypto services in the U.K. will face stricter regulations, including a “cooling-off period” for first-time investors and a ban on “refer a friend” bonuses. In a June 8 announcement, the United Kingdom’s Financial Conduct Authority (FCA) said that from Oct. 8, advertisers of crypto services in the U.K. would be subjected to stricter regulations. The U.K. watchdog has mandated that crypto companies in the U.K. implement a "cooling-off period" for first-time investors. Additionally, as part of measures to enhance investor awareness of risks, the FCA has prohibited the use of " refer a friend" bonuses by firms in the sector. Sheldon Mills, Executive Director of Consumers and Competition, stated in the written statement that while the decision to purchase crypto lies with individuals, research indicates that many express regret over impulsive choices. The implemented rules aim to provide people with sufficient time and appropriate risk warnings to enable an informe...