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UK Implements Stricter Regulations on Crypto Memes and 'Finfluencers'

The Financial Conduct Authority has issued new guidelines to ensure that marketing for financial products, including memes, is transparent and not misleading.

Overview

  • The FCA warns influencers and firms that crypto memes used in ads must be lawful and not misleading.
  • Influencers must obtain approval from an FCA-authorised representative before promoting financial products.
  • The FCA has removed over 10,000 misleading financial advertisements in 2023, highlighting the prevalence of scams.
  • The use of memes in crypto promotions is particularly popular on platforms like Telegram and Reddit.
  • The FCA's move aims to curb the rise in financial scams by regulating online financial promotions more strictly.