The Financial Conduct Authority of the UK, in a bid to caution citizens against the perils that could be encountered in the crypto market, has initiated an online marketing campaign of £11,000,000, which is about $15200000.
This was disclosed by the Chief Executive Officer, Nikhil Rathi, in a draft speech for the FCA’s online seminar with the theme ‘Our Role and Business Plan’ which was presented on 15th July. Recounting the conclusion reached by the FCA to initiate the campaign fund, Nikhil noted that regulators are worried about the high rate of crypto adoption by the younger generation. Stating that many people regard investment as fun, which will probably result in them having considerable losses as such perception is not rational.
The CEO stated the reason for initiating the £11000000 campaign, which is to caution consumers within the age bracket of 18 to 30 years — who were probably influenced by the social network — of the perils. Nikhil noted that the crypto perils are fierce, reiterating that investors who insist on continuing with crypto trading should be disposed to lose their entire investment.
The campaign is closely following the actions, of the Advertising Standard Authority in the UK, against cryptocurrency ads which are considered deceptive and also not socially responsible. The Luno — a cryptocurrency network — had previously been compelled by the United Kingdom ad monitoring agency to suspend its Bitcoin advertisement. Earlier this month, increased enforcement of disciplinary action on crypto-related advertisements was disclosed by the advertising regulator.
Besides the campaign, Nikhil also noted that FCA will remain focused on vigorous analyses of business and economic standards for operators in cryptos and other complicated markets. The priority will be on the issue of AML adherence.
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