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Crypto Firms Failing To Spell Out Risks: UK WDG
The Financial Conduct Authority (FCA) in Britain has found three common issues with cryptoasset promotions, stating that they are not properly highlighting risks to consumers, such as by publishing too hard-to-read warnings. The FCA has taken action if these issues are not remedied, stating that promotions are making claims about safety, security, and ease of using cryptoasset services.
The Financial Conduct Authority (FCA) has criticized peer-to-peer platform rebuildingsociety.com for approving financial promotions for Binance and other cryptoasset firms. The watchdog said that risk warnings were insufficient and there was a lack of adequate information on risks from specific products being promoted. The FCA expects authorized firms to take their regulatory obligations seriously and has already placed restrictions on firms to restrict them from approving cryptoasset financial promotions. The watchdog warned that cryptoassets remain high risk and largely unregulated, and consumers should be prepared to lose their money if something goes wrong.
(With inputs from Shikha Singh)
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