As of the 8th of October, 2023, the UK government-mandated new crypto regulations, often called the “Financial Promotions,” have taken effect. They are essential in reducing and preventing harm to consumers from investing in cryptoassets.
UK consumers now have much greater protection as cryptoasset firms’ marketing must be ‘clear, fair and not misleading’, labelled with prominent risk warnings and must not inappropriately incentivise people to invest. These rules apply to firms wherever they are based globally and help strengthen how people are protected from the high risks associated with cryptoassets.
CoinJar has been registered with the Financial Conduct Authority (FCA) since 2021, and we’re proud to say that we continue to uphold and align with the standards set by the FCA. This demonstrates our commitment to regulatory compliance and our dedication to offering a secure and reliable platform for our users.
What Financial Promotion changes has CoinJar implemented in the UK?
- End of the “Refer a Friend” and “Sign up bonus” programs and CoinJar Reward Store for UK Customers. You can continue to earn CoinJar Reward Points when you buy or sell crypto on coinjar.com or via our mobile apps, however, you can only redeem your accumulated CoinJar Reward Points for trading fee discounts and reduced crypto withdrawal network fees.
- Risk Summary is visible at the top of our website and app stores and included in our customer communications.
- Ensuring that our website/mobile app and other marketing communications are fair, clear and not misleading.
- Key risks are outlined for each stablecoin listed on the CoinJar platform.
What Financial Promotion changes will CoinJar be implementing over the next few months?
- CoinJar will be implementing an appropriateness test and customer categorisation. This will allow CoinJar to tailor our services to your specific needs, ensuring a trading experience that aligns with your type of investor.
- A 24-hour cooling-off period will be provided to first-time investors.
We understand that change can be daunting, especially in the dynamic world of crypto. However, these alterations are intended to ensure that CoinJar remains compliant, secure, and tailored to your needs.
Should you have any queries or concerns regarding these updates, please don’t hesitate to contact our support team. We’re here to assist you every step of the way.
An update to the Terms of Service
We have made changes to CoinJar’s Terms of Service to reflect the new requirements detailed above. We have also updated the formatting of our Terms of Service to improve readability.
You can find our full Terms of Service here: https://www.coinjar.com/uk/legal.
CoinJar Team
UK residents: Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more: www.coinjar.com/uk/risk-summary.
Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.​​
CoinJar’s digital currency exchange services are operated in Australia by CoinJar Australia Pty Ltd ACN 648 570 807, a registered digital currency exchange provider with AUSTRAC; and in the United Kingdom by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).
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- Source: https://blog.coinjar.com/coinjars-continued-commitment-to-the-uks-fca-compliance/
