UK’s FCA extends deadline to execute some crypto marketing reforms

An FCA director said many foreign and unregulated crypto firms have not yet engaged with the new marketing rules

article-image

Mehaniq/Shutterstock, modified by Blockworks

share

The UK’s financial regulator is extending the deadline for some crypt oasset companies to adhere to stricter marketing regulations.

New UK regulations set to kick in next month will require crypto firms to make their marketing clear, fair and prominently labeled with risk warnings. They will also prohibit incentive schemes such as ‘refer a friend’ bonuses.

The Financial Conduct Authority (FCA) earlier mandated that crypto firms must comply with these new advertising regulations by October.

On Thursday, the regulator said that companies may have until Jan. 8, 2024, to implement more technically demanding features such as a cooling-off period. Such a period might allow consumers a certain timeframe to reconsider their investment decisions without penalties.

“From this October, crypto firms must market to UK consumers clearly, fairly and honestly. And they must provide risk warnings people understand,” Lucy Castledine, director of consumer investment, said in a statement.

“As a proportionate regulator, we’re giving firms that apply a little more time to get the other reforms requiring technology and business change right. We’ll maintain our close eye on firms during this extended implementation period.”

The FCA’s regulations target the ways companies disseminate information about their crypto offerings through websites, apps, social media and online ads. 

Companies located outside the UK, but whose ads target UK residents, will also need to adhere to these guidelines.

Castledine noted that the FCA is concerned about the lack of engagement from many foreign and unregulated crypto firms regarding the new regulations.

After the regulations take effect on Oct. 8, crypto companies will have four legal avenues for marketing to UK consumers, including obtaining regulatory approval or qualifying for exemptions. 

The FCA classified crypto asset firms under its “high-risk investments” category only last year, citing the volatile price fluctuations of cryptoassets as a key indicator of risk.

The watchdog has previously cautioned that individuals should only invest in crypto assets if they fully grasp the associated risks and are willing to lose their investment. 

Failure to adhere to the regulations after Oct. 8 could result in criminal charges, potentially leading to an unlimited fine or jail time.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Maple Finance has successfully navigated significant market challenges through its strategic pivot to secured lending (Maple v2) and the launch of its Syrup product. Syrup has become a primary growth driver, delivering sustainable, outperforming stablecoin yields and rapidly increasing TVL. The upcoming custody-first Bitcoin staking product (istBTC) presents another significant avenue for expansion. Crucially, Maple has achieved operational profitability, a key inflection point that, combined with a fully vested token and active buyback mechanism, strengthens its investment case. While valuation metrics suggest potential undervaluation relative to peers and growth, the primary forward-looking risk identified is the long-term sustainability of its current high-take-rate collateral staking revenue model.

article-image

Funds disagree about which metrics matter, but agree fundamentals are key

article-image

PGP creator Phil Zimmermann’s connection with Bitcoin is complicated

article-image

Blockworks spoke with a dozen current and former employees about the problems that have plagued Bitget’s blockchain, Morph

article-image

Perpl, a perps DEX, plans to launch testnet by the end of this year

article-image

A recent Citi report predicted that stablecoin AUM could hit $3.7 trillion by 2030, largely because of institutional adoption

article-image

The startup hopes to reduce crypto’s reliance on AWS and Google Cloud