FCA has issued ‘nearly 150 alerts’ on first day of new crypto promotions rules

The U.K.’s FCA said in a statement that changes to legislation that bring cryptoasset promotions under its remit are now in force. “We issued 146 alerts about cryptoasset promotions on the first day of the new regime. We expect businesses including social media platforms, app stores, search engines, domain name registrars and payments firms to consider the alerts we have issued and play their part in protecting UK consumers from illegal promotions. We take a risk-based approach, so not all firms of potential concern will be added straightaway. This list will be continually updated as we identify firms which may be illegally communicating cryptoasset promotions and are failing to engage with us constructively. We also continue to remind people that purchasing cryptoassets remains high-risk and that they should be prepared to lose all their money.” Publicly traded companies in the space include Bit Digital (BTBT), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Marathon Digital (MARA), MicroStrategy (MSTR), Riot Platforms (RIOT), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).