Zumo CEO Weighs FCA’s Tougher Crypto Enforcement

Britain’s Financial Conduct Authority has tightened oversight of crypto marketing as part of a broader push to protect retail consumers. Since Oct. 8, 2023, firms promoting cryptoassets to UK customers — including companies based overseas — have been required to ensure communications are clear, fair and not misleading, and to use an authorized route for approval. Breaches can carry criminal consequences, raising compliance costs and market-access risks for crypto businesses.

Zumo Chief Executive Nick Jones said the FCA is increasingly “baring its teeth,” shifting the industry’s focus from interpreting new rules to demonstrating day-to-day compliance. Crypto firms must review promotions across websites, apps and social media, provide prominent risk warnings and ensure marketing is issued or approved through a permitted channel. The tougher posture leaves market participants facing closer scrutiny over how they acquire customers and explain the risks of digital assets.