The FCA has issued a warning to the authors of memes about cryptocurrencies
Memes about cryptocurrencies have been "targeted" by the UK regulator. The FSA stated that any advertising of cryptocurrencies should be transparent and not misleading. The regulator will take measures against persons illegally advertising financial products.
The authors of memes about cryptocurrencies have come to the attention of UK regulators. The Financial Conduct Authority (FCA) has stated that to publish such images or symbols, approval must be obtained from a representative appointed by the regulator.
According to the FCA, any advertising of cryptocurrencies on social networks must be honest and not misleading. In addition, it should contain a risk warning so that people can make "informed financial decisions."
The FCA noted that meme promotion is in demand in the cryptocurrency sector, where there is a dedicated niche of memcoins. The statement mentions Telegram and Reddit as popular platforms for publishing advertisements related to digital assets.
"Promoting a financial product without the approval of an FCA-authorized person with the appropriate authorization may be a criminal offense. We will take action against those who illegally advertise financial products," said Lucy Castledine, director of Consumer Investment.
Note that this is not the first warning from the FCA regarding "cryptomems". In July 2023, the regulator stated that the creation and distribution of this type of advertising could be equated to a criminal offense.
Source: https://incrypted.com/fca-vypustilo-preduprezhdenie-dlya-avtorov-memov-o-kriptovalyutah/
