UK Regulator Warns Against Misleading Crypto Meme Ads

UK Regulator Warns Against Misleading Crypto Meme Ads

By
Serena Marquez
1 min read

The Financial Conduct Authority (FCA) in the UK has cautioned influencers and firms about the lawful use of crypto memes in advertisements. The FCA asserted that financial products must be marketed fairly and clearly without misleading consumers. It emphasized that promotions should adhere to the law, warning that action will be taken against those promoting financial products illegally. The responsibility for how influencers market financial products lies with the advertising company, and both parties are urged to verify the compliance of their advertisements with the FCA. The FCA noted the prevalence of scams and misleading financial advertisements in the crypto space and highlighted its initiative to remove 10,000 misleading financial advertisements in 2023. The FCA's stance aligns with the growing concerns around deceptive advertising in the cryptocurrency space, signifying a step towards safeguarding consumers against misleading marketing practices.

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