Scam alerts in the UK grew in the last quarter of 2023

The Financial Conduct Authority of the United Kingdom (FCA), the UK nation’s main regulator of commercial matters, announced that it issued a total of 2,285 alerts related to scams in the field of cryptocurrencies. These alerts were addressed to companies and entities operating in this space. Of these, 450 complaints were filed during the last quarter of 2023.

According to a report released by the FCA this week, the warnings were directed at entities that made misleading claims, illegal promotions or offered digital assets without complying with relevant laws and regulations.

The agency also noted that during 2023, more than 10,000 financial ads and cryptocurrency-related promotions were removed or modified. This represents a 17 % increase over the previous year, reflecting increased oversight and emphasis on protecting consumers from illicit activities.

In addition to warning about misleading offers and illegal ads, the FCA took strong action against companies that violated the laws. It also provided advice to other entities, guiding them to operate in accordance with regulatory requirements and conduct their business appropriately within the United Kingdom.

Although the UK used to be known for having one of the most complex regulations internationally, the introduction of new provisions in October 2023 has significantly tightened the horizon for certain widely recognised companies and companies. These difficulties have affected its ability to continue to operate in the UK market.

K. Tovar

Source: Diariobitcoin

(Reference image source: @prometheomx, X)

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