Make clear where “introduction” ends
An ordinary introduction usually involves passing prospective client information to a service provider, which then decides on its own whether to onboard, contract and execute transactions. If the introducer goes on to recommend specific currencies, negotiate exchange rates, receive payment instructions, collect client assets or promise that funds will arrive, the role cannot be assessed merely as that of handing over a business card. Commission based on registrations, trading volume or revenue share may be a risk indicator, but no single billing method can by itself determine whether a licence is required.
A service provider's compliance does not mean the introduction is compliant
Suppose an offshore institution is licensed locally to exchange stablecoins, while a domestic channel advertises to mainland merchants that they can “exchange directly into RMB.” An upstream licence cannot resolve the mainland risks of the channel itself. The 2026 notice expressly addresses liability for related marketing and traffic referral and for assisting the provision of services to the mainland unlawfully. A channel cannot automatically exclude its participation in client acquisition merely by sending account-opening links in private chats and having clients submit applications themselves.
Overseas promotion must also check client-market rules
The UK FCA has made clear that financial promotions of relevant crypto assets directed at UK consumers must comply with local rules regardless of whether the promoter is located overseas. Websites, social media and app content may all be subject to scrutiny; merely introducing products operated by others does not mean the content is unrestricted. This example concerns relevant crypto asset promotions in the UK. It does not mean the same rule applies to all business-to-business introductions; rather, it is a reminder to check business licences and marketing licences separately.
Cooperation agreements should be able to prevent channels from overstepping
It is advisable to agree on the promotional materials that may be used, prohibitions on making promises, the method of passing on leads, personal information handling and the referral of complaints, and to make clear that channels may not collect funds on their behalf, sign service agreements on their behalf or modify quotations without authorization. Service providers should retain mechanisms for spot checks and for terminating non-compliant channels, and introducers should also keep approved materials and versions. If the business in practice requires channels to handle transactions in depth, the question of agency or of holding a licence in their own right should be reassessed, rather than merely changing the title of the contract.
Recommended actions
- Map the channel's involvement from client acquisition to payment, and indicate whether it receives transaction instructions.
- Review separately the solicitation and business rules of the introducer's location and the client's location.
- Use reviewed promotional materials and maintain records of commissions, complaints and channel spot checks.
Information note: This article provides general information only and does not replace legal advice based on specific facts.
References
- Notice on Further Preventing and Addressing Risks Associated with Virtual Currency and Related Matters (Yin Fa [2026] No. 42) — People's Bank of China and seven other departments
- Cryptoasset firms marketing to UK consumers — UK Financial Conduct Authority (FCA)
