Catenaa, Wednesday, January 08, 2025 – UK’s Financial Conduct Authority (FCA) was able to remove just 54% of illegal cryptocurrency advertisements in the United Kingdom over the past year, according to a report by the Financial Times.
Despite its efforts, nearly half of the flagged promotions remain online, revealing ongoing challenges in enforcing compliance, analysts say.
Between October 2023 and October 2024, the FCA issued over 1,700 warnings against illegal crypto ads, apps, and websites. However, no fines or prosecutions have been initiated against companies breaching the rules.
New regulations require crypto promotions to be pre-approved by the FCA or an FCA-authorized entity. However enforcement remains weak.
Instead, the FCA has targeted social media influencers—referred to as “finfluencers”—who promote risky financial schemes.
The agency has charged nine individuals, including reality TV stars, and is interviewing 20 others.
The FCA plans to finalize broader crypto regulations by 2026, addressing issues such as market abuse, lending, trading platforms, and stablecoins.
Consultations began late 2024.
