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Lido Staked Ether: $3,466.23(2.76%) Bitcoin: $104,436.00(2.75%) Ethereum: $3,462.81(2.35%) XRP: $3.25(-1.31%) Tether: $1.00(0.06%) Solana: $218.30(1.5%) BNB: $717.82(0.05%) Dogecoin: $0.4271(10.86%) USDC: $1.00(-0%) Cardano: $1.13(1.3%) Lido Staked Ether: $3,466.23(2.76%) FCA Fails to Remove Half of Illegal Crypto Ads Despite Crackdown
January 1, 2025
The Financial Conduct Authority (FCA) in the United Kingdom has come under scrutiny after data revealed that nearly half of flagged illegal cryptocurrency advertisements remain online despite its intensified crackdown. Between October 2023 and October 2024, the FCA issued 1,702 alerts targeting non-compliant crypto ads, apps, and websites. However, only 54% were successfully removed, raising concerns about the effectiveness of the regulator’s enforcement efforts.
Although the FCA holds the authority to impose fines and prosecute companies that violate crypto advertising laws, it has yet to penalize any entity for non-compliance. Instead, its focus has shifted toward "finfluencers"—social media influencers promoting high-risk financial schemes. To date, the FCA has filed criminal charges against nine individuals, including reality TV personalities, and interviewed 20 more under caution. Critics, including former FCA chair Charles Randell, argue that a lack of visible legal action against tech platforms and crypto exchanges perpetuates non-compliance.
One of the FCA’s primary hurdles is its inability to compel social media platforms to remove non-compliant ads directly. The agency currently relies on voluntary cooperation from tech giants like Google and Meta, which have agreed to ban non-compliant paid promotions. Starting January 2024, Google began requiring FCA approval for all crypto-related advertisements targeting the UK. However, enforcement gaps remain, highlighting the need for stronger regulations and collaboration.
The FCA aims to finalize comprehensive crypto regulations by 2026, addressing key issues such as market abuse, trading platform oversight, stablecoins, and lending. Public consultations on these proposals will remain open until March 2025, with the goal of creating a framework that balances investor protection and market growth. As crypto adoption in the UK rises—12% of adults now own digital assets—Matthew Long, the FCA’s director of payments and digital assets, emphasized the importance of building a transparent system tailored to the unique characteristics of cryptocurrencies.
Public awareness of cryptocurrencies has surged, with 93% of UK adults now familiar with digital assets like Bitcoin, Ethereum, and Dogecoin. However, the FCA continues to warn against unauthorized projects, recently flagging a Solana-based memecoin for promoting financial services without approval. Consumers dealing with unregulated entities risk losing access to protections such as the Financial Ombudsman Service and the Financial Services Compensation Scheme.
As the FCA works to strengthen its regulatory framework, the agency faces mounting pressure to enforce its powers more effectively and reduce the prevalence of illegal crypto ads. Whether these measures will curb non-compliance or merely shift the problem to other platforms remains to be seen.
Although the FCA holds the authority to impose fines and prosecute companies that violate crypto advertising laws, it has yet to penalize any entity for non-compliance. Instead, its focus has shifted toward "finfluencers"—social media influencers promoting high-risk financial schemes. To date, the FCA has filed criminal charges against nine individuals, including reality TV personalities, and interviewed 20 more under caution. Critics, including former FCA chair Charles Randell, argue that a lack of visible legal action against tech platforms and crypto exchanges perpetuates non-compliance.
One of the FCA’s primary hurdles is its inability to compel social media platforms to remove non-compliant ads directly. The agency currently relies on voluntary cooperation from tech giants like Google and Meta, which have agreed to ban non-compliant paid promotions. Starting January 2024, Google began requiring FCA approval for all crypto-related advertisements targeting the UK. However, enforcement gaps remain, highlighting the need for stronger regulations and collaboration.
The FCA aims to finalize comprehensive crypto regulations by 2026, addressing key issues such as market abuse, trading platform oversight, stablecoins, and lending. Public consultations on these proposals will remain open until March 2025, with the goal of creating a framework that balances investor protection and market growth. As crypto adoption in the UK rises—12% of adults now own digital assets—Matthew Long, the FCA’s director of payments and digital assets, emphasized the importance of building a transparent system tailored to the unique characteristics of cryptocurrencies.
Public awareness of cryptocurrencies has surged, with 93% of UK adults now familiar with digital assets like Bitcoin, Ethereum, and Dogecoin. However, the FCA continues to warn against unauthorized projects, recently flagging a Solana-based memecoin for promoting financial services without approval. Consumers dealing with unregulated entities risk losing access to protections such as the Financial Ombudsman Service and the Financial Services Compensation Scheme.
As the FCA works to strengthen its regulatory framework, the agency faces mounting pressure to enforce its powers more effectively and reduce the prevalence of illegal crypto ads. Whether these measures will curb non-compliance or merely shift the problem to other platforms remains to be seen.