Regulatory authorities in the UK are taking tougher stands against cryptocurrencies. On Friday, the country’s top advertising regulator said that it will take stricter measures against those who are involved in misleading marketing practices. The advertising watchdog also said that they are committed to protecting consumers who are into trading digital assets.
UK’s Advertising Standards Authority, reports Financial Times, is ramping up efforts to identify and take down all misleading advertisements related to crypto that is floating on various social media channels.
“We see this as an absolutely crucial and priority area for us,” said Miles Lockwood, director of complaints and investigations at ASA. “Where we do find problems we will crack down hard and fast.”
Mr Lockwood also confirmed that the companies who fail to comply will be served notice as a warning. While the ASA is all at it, the country’s financial watchdog, the Financial Conduct Authority has also warned investors from investing in fishy financial products. They have been taking multiple steps to educate customers about the potential risks of cryptocurrency investments.
In a statement to the press, emphasizing making informed investment decisions, the Financial Conduct Authority (FCA) said that the Consumers who got persuaded by adverts were much more likely to regret their purchase.