UK financial regulator warns ‘finfluencers’ over crypto promotion

  • The UK Financial Conduct Authority is proposing rules that could land promoters of financial services in prison for failing to outline investment risks.
  • Use of memes in cryptoasset promotion is of particular concern; a breach of these rules is punishable by up to two-years imprisonment, an unlimited fine or both.
  • From October 8, incentives to invest in crypto — like referral bonuses — will be banned.
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