Since 8 October, we have identified 3 common issues with cryptoasset financial promotions. These include: 

• promotions making claims about the ‘safety’, ‘security’ or ease of using cryptoasset services without highlighting the risk involved
• risk warnings not being visible enough due to small fonts, hard-to-read colouring or non-prominent positioning 
• firms are failing to provide customers with adequate information on the risks associated to specific products being promoted

We expect authorised firms approving the financial promotions of cryptoasset firms to take their regulatory obligations seriously. Where this is not happening, we will take action and have already placed restrictions on an authorised firm to restrict it from approving cryptoasset financial promotions.

We are working with businesses including social media platforms, app stores, search engines and domain name registrars to remove or block illegal promotions. We are also working with payments firms to limit UK consumer exposure to firms issuing illegal promotions. These businesses should consider the alerts we have issued and play their part in protecting UK consumers.

We are also continuing to identify and act against firms that are illegally promoting cryptoassets to UK consumers. Since the regime went live, we have issued 221 alerts. This list will be continually updated as we identify firms which may be illegally communicating cryptoasset promotions and are failing to engage with us constructively.

Consumers should check the Warning List before making any investment in crypto. The list will help consumers understand where firms' promotions may be breaking the law and to consider the promotion with the full information available.

Even with the new marketing rules, cryptoassets still remain high-risk and largely unregulated. If something goes wrong, it is unlikely people will have access to consumer protections, so should be prepared to lose all their money.