The Financial Conduct Authority has published updated guidance on its financial promotions regime for cryptoassets, following a review of industry compliance in the first two years since the rules took effect. The update clarifies a number of grey areas and introduces tougher enforcement thresholds.
What Is Now Explicitly Banned
- "Get rich quick" framing in any promotional context
- Testimonials that do not include clear risk warnings
- Any claim that historical returns predict future performance
- Urgency and scarcity tactics ("offer ends tonight")
- Promotions targeting under-18s on any platform
What Remains Permitted (With Caveats)
Exchanges and wallet providers can still advertise their services, run sign-up bonus campaigns, and publish educational content. However, all promotional materials must now carry a standardised risk warning occupying at least 10% of the advertisement's visual area.
The rules are not designed to stop crypto advertising — they are designed to stop misleading crypto advertising. If you are straightforward about risk, compliance is not complicated.
— FCA Director of Consumer Finance
Penalties for non-compliance start at formal warnings and can escalate to fines and operating restrictions. The FCA has already issued 24 enforcement notices to crypto firms since the original regime launched, and three cases are currently before the Upper Tribunal.