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Former Copper Exec Takes on UK Crypto Rules With New Startup

2 mins
Updated by Geraint Price
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In Brief

  • The Financial Services Markets bill empowers the FCA to enforce rules on crypto promotion, impacting referral bonuses.
  • Crypto firms like PayPal have temporarily halted services to UK customers before new rules are implemented on Oct. 8.
  • The FCA is tightening policies to protect investors, calling on tech companies to safeguard users from risky investments.
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Carly Nuzbach Lowery, a former employee of crypto custody firm Copper, has launched a company to help UK crypto firms comply with new advertising rules. If it receives approval, Gateway 21 Ltd. will be able to approve marketing content according to the Financial Conduct Authority’s (FCA) new rules for financial promotions.

Lowery, Coppers’ former legal head, left the company along with several key executives and is funding Gateway21 with her own money. Nick Cooper, the company’s chief marketing officer, was the latest high-profile executive to leave in August.

FSM Bill Gives FCA Power to Police Crypto Marketing

The recently passed Financial Services Markets (FSM) bill gave the FCA powers to implement new rules on crypto promotion. The new rules cover all content used in promotional material, including text on websites and apps. It also bans crypto firms from offering referral bonuses.

Companies wishing to advertise must either already be registered with the regulator or, if they are unregistered, subcontract their marketing to an authorized firm, which Gateway21 aims to become.

Learn more about Web3 marketing strategies here.

Crypto firms that already meet the UK’s money laundering standards can approve their own marketing. Fintech PayPal confirmed it will temporarily halt services to UK customers before the new rules take effect on Oct. 8.

FCA Tightens Policies to Protect Cash-Strapped Investors

In July, the FCA voiced concerns over financial promotions that fell short of its standards. The regulator singled out influencers who promote products they may not fully understand.

It has also called on technology companies to protect users from losing funds by heeding these so-called experts. The UK’s cost-of-living crisis led “finfluencers” to promote risky investments, including crypto derivative products.

Learn how to leverage YouTube for Web3 marketing here.

UK FCA cracks down on influencers taking advantage of the cost-of-living crisis, even as August inflation comes in better than expected.
UK inflation fell in August | Source: Financial Times

Last week, the regulator ordered lenders to remove or amend 400 non-compliant advertisements promoting mortgages. Its measures complement the Bank of England’s decision to maintain the borrowing rate at 5.25% after August inflation beat expectations.

Do you have something to say about former Copper exec Carly Lowery applying to handle UK crypto promotions, or anything else? Please write to us or join the discussion on our Telegram channel. You can also catch us on TikTokFacebook, or X (Twitter).

Top crypto platforms in the US | December 2023


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

David Thomas
David Thomas, a seasoned electronic engineer with nine years of expertise, has built a distinguished career by combining his passion for writing with an in-depth understanding of rapidly evolving industries. As a dedicated journalist at BeInCrypto, David leverages his strong technical background and university-honed skills to make the complex cryptocurrency market accessible and engaging for all readers.