UK Crypto Advertising Rules: What FCA Restrictions Mean for Investors and Firms

Since October 8, 2023, advertising cryptoassets in the UK has changed forever. If you’ve seen a crypto ad on TV, social media, or even a billboard, you might’ve noticed something missing: the flashy promises, the celebrity endorsements, the ‘get rich quick’ hype. That’s not by accident. The UK’s Financial Conduct Authority (FCA) slapped strict new rules on how crypto companies can talk to the public - and they’re not playing around.

What exactly is banned now?

The FCA doesn’t ban crypto advertising outright. But it does ban it from reaching most people. Under the new rules, any ad for fungible or transferable cryptoassets - think Bitcoin, Ethereum, Solana, or even NFTs that can be traded - can’t appear on mainstream TV, radio, social media feeds, or public billboards. These are now classified as Restricted Mass Market Investments, meaning only people who’ve been vetted can even see them.

The Broadcast Committee of Advertising Practice (BCAP) made this official in October 2024 with Rule 14.5.5. It says crypto ads can only run on channels where the audience is already known to be financially experienced - think Bloomberg TV, specialized financial podcasts, or paid newsletters aimed at professional traders. No more ads during the Premier League or on Instagram Reels.

What do firms have to do to advertise legally?

If a crypto firm wants to promote anything to UK consumers, they need to jump through a series of legal hoops:

• Personalized risk warnings: Every ad must include a clear, customized warning that matches the viewer’s experience level. A warning that says “Crypto is risky” isn’t enough. It needs to say something like: “You have no prior experience with leveraged products. Crypto can lose all your money in minutes.”
• 24-hour cooling-off period: After someone clicks an ad or signs up, the firm can’t let them invest for at least 24 hours. This gives them time to think - no more instant buys driven by FOMO.
• Client categorization: Firms must split customers into retail (regular people) and professional (experienced traders). Retail clients get way more protection. Professionals can still access crypto, but only after proving they know what they’re doing.
• Appropriateness assessments: Before letting someone invest, firms must ask questions about their knowledge of crypto, past trading experience, and understanding of volatility. No guessing. No skipping.
• Record keeping: All ads, emails, and client assessments must be saved for five years. The FCA can audit you anytime.

Why is the UK so strict compared to other countries?

The UK’s approach is one of the toughest in the world. The EU’s MiCA rules, which took effect in June 2024, allow crypto ads as long as they include disclaimers. Singapore lets firms run ads with simple risk warnings. Switzerland barely regulates crypto advertising at all.

The UK doesn’t care about being “crypto-friendly.” It cares about protecting ordinary people from losing their life savings. The FCA has seen what happens when hype meets ignorance - think the collapse of TerraUSD, FTX, and countless other scams. Their message is clear: if you’re not a seasoned investor, you shouldn’t be seeing these ads.

Even crypto ETNs - exchange-traded notes that track crypto prices - are now allowed for retail investors, but only if they trade on FCA-approved UK exchanges. And even then, firms can’t offer bonuses, referral rewards, or free crypto to lure people in. The Consumer Duty rule applies, meaning firms must act in the customer’s best interest. But here’s the catch: if you lose money, the Financial Services Compensation Scheme (FSCS) won’t cover you. You’re on your own.

How are companies reacting?

Big names like Coinbase and Kraken are still operating in the UK - but only under a temporary registration regime. As of March 2024, out of 60 firms that applied for full FCA approval, only 15 made it through. The rest are stuck in limbo, unable to legally advertise or fully operate.

Smaller platforms have already shut down their UK operations. Why? Compliance costs are crushing. Building systems that generate personalized risk warnings, track 24-hour delays, and log every interaction isn’t cheap. One firm told the FCA they spent over £300,000 just on tech upgrades to meet the rules.

The FCA has already found multiple cases where firms failed to comply. Some used generic warnings. Others skipped the cooling-off period. A few even ran ads on YouTube without checking if the audience was properly vetted. The FCA doesn’t just send warnings - they can fine firms up to 10% of their annual turnover.

What’s next for crypto in the UK?

The FCA isn’t done. On May 2, 2025, they released Discussion Paper DP25/1, laying out plans for a full crypto regulatory framework. This includes rules for crypto trading platforms, lending services, staking, and even decentralized finance (DeFi). The message? Crypto isn’t going away - but it’s not becoming a bank product either.

The FCA still calls cryptoassets “high-risk, speculative investments.” They’re not trying to make crypto mainstream. They’re trying to contain the damage. The goal isn’t to stop innovation. It’s to make sure innovation doesn’t leave ordinary people broke.

What should you do if you’re a UK investor?

If you’re thinking about investing in crypto:

• Don’t trust ads. If you see one on Instagram, TikTok, or TV, it’s likely illegal.
• Only use platforms registered with the FCA. Check their official register before depositing any money.
• Ask for the appropriateness assessment. If a firm doesn’t ask you about your experience, walk away.
• Use the 24-hour window. Don’t rush. Sleep on it.
• Remember: no protection. If the platform fails, you won’t get your money back.

What should crypto firms do to stay compliant?

If you’re running a crypto business in the UK:

• Stop using generic templates. Personalization isn’t optional - it’s the law.
• Build a system that enforces the 24-hour delay. No exceptions.
• Train your team. Misunderstanding the rules is not a defense.
• Keep records. Five years. Every email, every ad, every client response.
• Don’t compare yourself to others. The FCA says: don’t benchmark. Just comply.

There’s no shortcut. The FCA isn’t waiting for you to catch up. They’re watching. And they’re ready to act.