News Formal

Crypto firms suspend services or exit UK market due to strict marketing rules

  • 📰 TheBlock__
  • ⏱ Reading Time:
  • 30 sec. here
  • 12 min. at publisher
  • 📊 Quality Score:
  • News: 50%
  • Publisher: 53%

Finance News

Crypto,Firms,Suspend

Some crypto firms have suspended services or exited the UK market due to strict marketing rules imposed by the Financial Conduct Authority (FCA), causing concerns about the country's ambitions to become a global hub for web3.

Last summer, UK Prime Minister Rishi Sunak said he was keen on providing regulatory clarity regarding how crypto firms should register and operate in the country — as part of his ambitions for the UK to become a global hub for web3. However, fast-forward several months and some firms have now suspended services or exited the UK market amid strict marketing rules from the country’s financial regulator, the Financial Conduct Authority.

“For certain crypto players, the FCA’s rather stringent marketing rules are acting as a deterrent and a potential reason to leave the jurisdiction," lawyer and Bittrex Global CEO Oliver Linch told The Block. "Certainly, many had questions around the level of consultation and also noted some absurdities resulting from the prioritisation of financial promotion rules over developing a substantive regulatory framework. However, the rules themselves are more or less the same as those that apply to other financial institutions in the UK, so many of us did see this coming," he adde

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 464. in UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crypto Market Evolution and Growth in 2023The year 2023 witnessed substantial evolution and growth in the blockchain industry and cryptocurrency asset class. This report analyzes key developments in the market, infrastructure, platforms, and applications that drove adoption. It also highlights the notable recovery in cryptocurrency prices and the factors influencing it.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Altcoins Surge in Crypto Market as Chiliz Hits Highest Value Since 2023Several altcoins, including Chiliz (CHZ), Sei (SEI), and Meme Kombat (MK), have experienced significant gains in the past 24 hours. Chiliz has reached its highest value since May 2023, driven by its unique use case in the sports industry. The token powers the Socios.com fan engagement platform, offering various benefits to users.
Source: Crypto_Potato - 🏆 568. / 51 Read more »