FCA financial promotion changes
As of 8th October 2023, the UK classified cryptoassets as ‘Restricted Mass Market Investments’ subject to the Financial Promotions regime, which introduced certain restrictions on mass marketing to UK consumers and generally required financial promotions to be fair, clear and not misleading.
To ensure compliance with its regulatory obligations, MoonPay implemented a number of changes to how it offers its services, which are summarised below.
- From 8th October 2023, MoonPay was obliged to ensure that:
- All marketing material is fair, clear and not misleading; and
- Required risk warnings are clearly visible on our website and app.
- From 8th January 2024 MoonPay was additionally obliged to ensure that:
- All customers are issued with personlised risk warnings;
- All customers appropriately categorise themselves;
- All customers pass an appropriateness assessment;
- All new customers are subject to a 24 hour cooling off period. (This cooling off period does not apply to customers who opened their MoonPay account before 8th January 2024.)