The Financial Conduct Authority (FCA) has issued 146 alerts about cryptoasset promotions on the first day of its new regime to tackle crypto marketing.

The regulator said it expects businesses, including social media platforms, app stores, search engines, domain name registrars and payments firms, to consider the alerts it has issued and “play their part” in protecting UK consumers from illegal promotions.

As of yesterday, new FCA rules mean that firms wishing to promote cryptoassets in the UK must, by law, be authorised or registered by the FCA, or have their marketing approved by an authorised firm. Under these rules, promotions must also be “clear, fair and not misleading”, labelled with prominent risk warnings and must not inappropriately incentivise people to invest.

These regulatory changes bring cryptoassets in line with other high-risk investments.

The FCA has called on consumers to check the regulator’s warning list before making any crypto investments. This list aims to help consumers understand where firms’ promotions may be breaking the law and to consider the promotion with the full information available.

An FCA statement said: “We take a risk-based approach, so not all firms of potential concern will be added straightaway. This list will be continually updated as we identify firms which may be illegally communicating cryptoasset promotions and are failing to engage with us constructively.

“We also continue to remind people that purchasing cryptoassets remains high-risk and that they should be prepared to lose all their money.”

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