The Financial Conduct Authority has begun legal proceedings against a crypto exchange. The claim is the first the FCA has brought for alleged illegal promotion of crypto services into the UK. The action is a warning for overseas crypto firms about how they market their products to UK consumers.

Restriction on crypto marketing

In a press release the FCA has shared details of its claim against Panama-incorporated crypto exchange HTX. UK law restricts who can make financial promotions and in October 2023 extended this regime to cryptoasset promotions. The FCA claims that HTX breached this restriction by marketing its cryptoassets without being authorised or exempt.

Options for legal promotions

Overseas firms…