Almost 150 alerts were issued by the Financial Conduct Authority (FCA) on the first day of its tough new rules on the marketing of crypto assets.
The rules came into effect this week (October 8) with the aim of improving the accuracy of cryptoasset products' marketing.
It means firms promoting crypto in the UK have to be authorised by the FCA or marketing has to be authorised in advance.
The UK regulator issued a total of 146 alerts in the first day of the new regime and the FCA advised potential crypto investors to consult the list.
The FCA said: "We expect businesses including social media platforms, app stores, search engines, domain name registrars and payments firms to consider the alerts we have issued and play their part in protecting UK consumers from illegal promotions.
"Consumers should check the warning list before making any investment in crypto. The list will help consumers understand where firms' promotions may be breaking the law and to consider the promotion with the full information available."
The FCA added that it takes 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."
tara.o'connor@ft.com
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