The enforcement action offers insight for global firms into the FCA’s approach under the financial promotions regime.
On 10 February 2026, the FCA publicised that it has commenced proceedings against an offshore crypto platform for breach of the UK financial promotions regime for cryptoassets. This is the first enforcement action the FCA has taken following expansion of the financial promotion regime to cryptoassets on 8 October 2023 — although we are aware that the FCA has been bilaterally engaging with a number of market participants in respect of the regime.
The action provides clear insight into the FCA’s approach and is relevant to global crypto platforms and anyone providing cross-border crypto services to UK clients.
Key points from the action include:
- The FCA appears to have had this firm in its sights from an early stage: The FCA engaged with the firm prior to the expansion of the financial promotion regime and — following lack of substantive engagement — put the firm on its warning list immediately when the regime came into effect on 8 October 2023.
- The FCA took some time to commence proceedings: It took an additional 24 months from the FCA putting the firm on the warning list to the commencement of proceedings in October 2025.
- The FCA has indicated what factors it views as relevant to targeting UK users: The FCA’s particulars of claim form sets out various factors, including (a) the lack of controls on UK access, (b) an English language website available in the UK, (c) accepting GBP currency and UK photo ID verification, (d) having a substantial number of UK users, and (e) engaging in social media advertising on platforms accessible in the UK.
- The FCA has engaged with key service providers: This includes requesting social media companies and app stores block the UK.
Overall, the action demonstrates that the FCA is willing to take action against firms breaching UK financial promotion rules. However, the lack of regulatory engagement by the firm in this instance, combined with the failure to implement any controls on UK users, may indicate that the FCA is focusing on the clearest cases of breach.
This action serves as a reminder for firms to both ensure they comply with UK requirements when providing cross-border services and to seek to engage with the regulator early if concerns are raised.
