PANews reported on January 1 that according to the Financial Times, although half of the banned ads remained online after regulators requested the removal of illegal cryptocurrency ads, the UK financial regulator has not yet punished any company that failed to remove illegal cryptocurrency ads. According to data obtained through freedom of information requests, only 54% of the 1,702 alerts issued by the UK Financial Conduct Authority between October 2023 and October 2024 resulted in the closure of illegal crypto ads, applications or websites.
The regulator can impose fines or bring criminal charges against groups that violate the new laws, which are designed to clean up the UK cryptocurrency market from a large number of shady promotions. The new rules require cryptocurrency ads to be authorized by the FCA or an FCA-authorized business before they can be posted online, otherwise the regulator will take "severe" action. But according to people familiar with its procedures, the FCA has not yet used any of its new powers. Instead, it is focusing on targeting "financial influencers," or financial influencers who promote such schemes online.
