Fraudsters use royal couple to promote scam, here’s all that’s going to change in the U.K
The Financial Conduct Authority (FCA)has been raising concerns around crypto advertising for quite some time. Now, Chancellor of the Exchequer Rishi Sunak is planning to tighten crypto advertising rules as new scams surface.
Recently, fake photos of Duke and Duchess of Sussex were being used to promote crypto schemes. As per reports, both images and videos of Prince Harry and Meghan Markle were seen endorsing crypto trading and related investments.
One of the fake headlines reportedly read,
“People earning millions from home by using Harry and Meghan latest advice.”
With that, there has been a close to 400% increase in consumers reporting possible crypto scams in the last five years. This is when an estimated 2.3 million people now own crypto assets in the UK.
Under new laws, “misleading” crypto promotions will face the same rules as other financial ads that include stocks, shares, and insurance products. The statement added,
“Adverts will be brought into line with other financial advertising, ensuring they are fair and clear.”
In this regard, Chancellor of the Exchequer, Rishi Sunak said that the government is ensuring that consumers are protected, along with supporting innovation in the crypto asset market. He added,
“Cryptoassets can provide exciting new opportunities, offering people new ways to transact and invest – but it’s important that consumers are not being sold products with misleading claims.”
In order to do this, a secondary legislation will amend the Financial Promotion Order, which outlines the promotional regime in the UK. The release explains,
“Under the Financial Services and Markets act 2000, a business cannot promote a financial product unless they are authorized by the FCA or the PRA, or the content of the
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