Chinese Crypto Investment Firm Asked to Remove London Underground Ads

The U.Okay.’s monetary watchdog has requested a China-based cryptocurrency funding agency to take away adverts for its service from the London Underground.

Based on a report from That is Cash late final week, the Monetary Conduct Authority (FCA) responded to criticism that it had been sluggish to behave after the monetary information web site reported the advertisements, saying it had come to an settlement with the agency two weeks in the past to take the advertisements down.

The agency in query, Zeux is reported to have positioned advertisements touting a financial savings scheme with mounted 5 p.c returns. That is Cash stated it discovered that the investments have been transformed into cryptocurrency and ship to China for funding there – a truth it stated was not said within the advertisements.

“Whereas these discussions are persevering with the agency agreed on 24 January to pause the sale of the product to new clients and to cease all advertising and marketing exercise regarding the product, together with on their web site, social media and public promoting on the transport community of the product in query,” the FCA stated in its response.

The information report means that the advertisements are nonetheless “widespread” on the London Underground railway system.

The FCA stated some advertisements had been put up earlier than it had spoken to Zeux and that it takes a while earlier than they are often eliminated “given the dimensions of the community.”

“The agency has agreed to pause the sale of the product to new clients while our discussions are persevering with,” the FCA added.

Frank Zhou, Zeux founder and CEO, had beforehand informed That is Cash that it was working to adjust to the FCA request.