The FCA failed to penalize companies that posted illegal cryptocurrency advertisements, and half of the banned ads are still online

ChainCatcher news, according to the Financial Times, despite the regulatory authorities' request to remove illegal cryptocurrency advertisements, half of the banned ads remain online, and the UK's financial regulators have yet to penalize any companies for failing to remove illegal cryptocurrency ads. According to data obtained through a freedom of information request, of the 1,702 alerts issued by the UK's Financial Conduct Authority between October 2023 and October 2024, only 54% resulted in the closure of illegal crypto ads, apps, or websites.

Regulators can impose fines or initiate criminal proceedings against groups that violate the new law, which aims to clean up the extensive promotion of illicit activities in the UK cryptocurrency market. The new regulations require cryptocurrency ads to be authorized by the FCA or an FCA-authorized firm before being published online; otherwise, regulators will take "tough" action. However, sources familiar with the process indicate that the FCA has not yet exercised any new powers. Instead, it is focusing on targeting "financial influencers," who promote such schemes online.