The short answer
Since 8 October 2023, anyone marketing qualifying cryptoassets to UK consumers must use one of four lawful routes, carry clear risk warnings, offer first-time investors a 24-hour cooling-off period and avoid incentives such as refer-a-friend bonuses. The rules apply to overseas firms and to influencers too.
Key takeaways
- There are four lawful routes to communicate a cryptoasset promotion to UK consumers.
- Incentives to invest, including refer-a-friend and new joiner bonuses, are banned.
- First-time investors must have a 24-hour cooling-off period.
- Influencers promoting without approval may be committing a criminal offence.
Who can legally promote crypto to UK consumers?
The FCA's page on cryptoasset firms marketing to UK consumers sets out four routes. The promotion is communicated by an FCA-authorised person; it is made by an unauthorised person but approved by an authorised person; it is communicated by a cryptoasset business registered with the FCA under the Money Laundering Regulations; or it meets the conditions of an exemption. Promotions outside these routes breach section 21 of the Financial Services and Markets Act 2000, which the FCA describes as a criminal offence punishable by up to two years in prison, an unlimited fine or both.
What must a crypto promotion include?
The FCA announced that from 8 October 2023 crypto marketing must be clear, fair and not misleading and carry clear risk warnings. Firms must check that people have the appropriate knowledge and experience to invest, and first-time investors must get a cooling-off period. The FCA describes these as specific risk warnings and "positive frictions", including a 24-hour cooling-off period, built into the customer journey.
Are refer-a-friend and sign-up bonuses allowed?
No. 'Refer a friend' bonuses are banned. The FCA's review of firms' preparations for the regime adds that the ban covers monetary and non-monetary incentives offered to retail clients, even when there is no requirement to invest, and regardless of whether the incentive is linked to actions such as registration or sign-up.
What about social media and finfluencers?
The FCA's FG24/1 guidance on financial promotions on social media, finalised in March 2024, says the rules are technology neutral and apply on every channel. Each promotion must comply on its own, which matters on platforms where captions get truncated. The FCA has also warned finfluencers that promoting a financial product without approval from an authorised person could be a criminal offence.
What does this mean for Web3 and fintech marketing?
- Agree the route first. Before any campaign brief, confirm which of the four routes the promotion will use and who signs it off.
- Design for the friction. The cooling-off period and appropriateness checks are part of the journey, so plan CRM and onboarding content around them rather than against them.
- Replace incentives with value. Without sign-up bonuses, education, community and trustworthy content carry more of the acquisition load.
- Brief creators properly. Influencer and affiliate partners need approved copy, prominent risk warnings and clear rules on what they can and cannot say. Our post on influencer and affiliate compliance covers the wider ad-labelling rules.
This article is general information, not legal or regulatory advice. Check the FCA Handbook and take advice before running cryptoasset promotions.
Questions people ask
Do the FCA crypto marketing rules apply to firms outside the UK?
Yes. The FCA says all cryptoasset firms marketing to UK consumers, including firms based overseas, must comply with the UK financial promotions regime.
Can a crypto exchange offer a sign-up bonus in the UK?
The FCA's rules ban incentives to invest for retail clients, and the FCA has said the ban applies even when there is no requirement to invest, including incentives linked to registration or sign-up.
Can an influencer promote a crypto product?
Only within the rules. The FCA's FG24/1 guidance says unauthorised persons, such as influencers, who promote regulated financial products without approval from an appropriate FCA-authorised person may be committing a criminal offence.
Sources
- Cryptoasset firms marketing to UK consumersFinancial Conduct Authority
- FCA introduces tough new rules for marketing cryptoassetsFinancial Conduct Authority
- Firms' preparations to comply with the cryptoasset financial promotions regimeFinancial Conduct Authority
- FG24/1: Finalised guidance on financial promotions on social mediaFinancial Conduct Authority
- FCA warns firms and finfluencers to keep their social media ads lawfulFinancial Conduct Authority
Sources checked on 10 October 2026. Rules change, so always confirm the current position with the regulator.
