Britain to tighten rules for promoting cryptocurrencies on social networks

Britain to tighten rules for promoting cryptocurrencies on social networks
Britain's Financial Conduct Authority (FCA) will tighten rules for promoting cryptocurrencies on social networks
Britain's Financial Conduct Authority (FCA) is set to crack down on the online promotion of dubious financial products

Britain's Financial Conduct Authority (FCA) said it will update its social media guidelines to prevent the promotion of financial products that harm consumers.

"We are recording an increase in the number of advertisements that do not comply with our guidance on preventing consumer harm," the Authority said in a statement.

Last year, the FCA asked firms to change or remove 8,582 promotions that breached the regulator's rules, a 14-fold increase from 2021. The current social media guidance was issued in 2015.

In the United States, regulators episodically issue fines to influencers seen advertising crypto assets. In March, the agency also fined a number of celebrities for $400 thousand, including actress Lindsay Lohan and popular rappers Lil Yachty and Soulja Boy.

Earlier the EU called to tighten the rules of advertising cryptocurrencies on social networks. On June 8, the European consumer organization BEUC reported that it and its subdivisions in nine European countries filed a complaint with the European Commission and consumer protection authorities against Instagram (the parent company of the social network - Meta ), YouTube, TikTok, and Twitter for promoting the misleading promotion of crypto assets.

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