The Financial Conduct Authority (FCA) has said that approval must be obtained from a regulator-appointed representative to publish images or symbols about cryptocurrencies.
The regulator actively monitors promotional activity on social media and controls the output of posts related to the promotion of cryptocurrency services. Due to the fact that space and character counts on social media are limited, the market is actively resorting to the use of memes and images for advertising without considering the FCA's updated requirements.
Consumer investment director Lucy Castledine has warned of possible criminal consequences for those who unauthorizedly advertise financial products. The authority has already removed 10,000 misleading advertisements in the past year.
