The UK's FCA financial-promotions regime has applied to qualifying cryptoassets since 8 October 2023, and it bans referral/refer-a-friend incentives in crypto promotions — so a standard affiliate referral incentive is non-compliant for UK retail consumers.
Licensing authority: Financial Conduct Authority (FCA)
Key facts
- Financial-promotions regime in force: 8 October 2023
- Referral / refer-a-friend incentives: Prohibited in crypto promotions
- Qualifying-cryptoasset classification: Restricted Mass Market Investment
- New cryptoasset regulations made: 4 February 2026 — Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026
- New regime expected in force: 25 October 2027
- Active FCA enforcement example: High Court action against HTX (2026)
Regulatory timeline
- — Qualifying cryptoassets brought into the UK financial-promotions regime; referral / refer-a-friend crypto incentives banned.
- — The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 made by Parliament.
- — New UK cryptoasset regulatory regime expected to come into force.
Frequently asked questions
Can Exchange Atlas run affiliate referral offers for UK users?
No. The FCA prohibits any monetary or non-monetary benefit that incentivises crypto investment activity in a promotion, so a standard referral incentive is non-compliant for UK retail consumers — this is why we show no monetised listings in the UK.
When does the FCA's crypto-promotions regime apply?
Since 8 October 2023, to any firm marketing qualifying cryptoassets to UK consumers, regardless of where the firm is based or what technology it uses.
Is the FCA actively enforcing these rules?
Yes — for example the FCA took High Court action against HTX in 2026, and has flagged affiliate/finfluencer promotion as a problem area.
Is a new, broader UK cryptoasset regime coming?
Yes. The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 were made by Parliament on 4 February 2026, with the new regime expected to come into force on 25 October 2027.