Odaily Planet Daily News: The UK's financial regulator, FCA, has not penalized companies that failed to remove illegal cryptocurrency advertisements. Previously, after the FCA requested removals, half of the banned promotional activities remained online. According to data obtained through a freedom of information request, of the 1,702 alerts issued by the FCA between October 2023 and October 2024, only 54% ultimately resulted in the removal of illegal cryptocurrency ads, apps, or websites. The regulator can impose fines or bring criminal charges against groups that violate the new laws. The relevant rules require cryptocurrency advertisements to be authorized by the FCA or FCA-authorized firms before publication, or they will face the 'severe' action promised by the regulator. However, sources familiar with its procedures say that the FCA has not yet utilized any new powers but is focusing instead on targeting 'finfluencers,' financial key opinion leaders who promote such schemes online. It has brought criminal charges against nine individuals, accusing them of promoting unauthorized schemes related to high-risk derivatives on Instagram, including TV stars famous for the reality shows 'Love Island' and 'The Only Way Is Essex.' In October of last year, the FCA stated that it was in discussions with another 20 financial influencers who had been warned for illegally peddling financial services products. Former FCA Chair Charles Randell stated that penalizing companies that refuse to delete content is crucial to reducing non-compliance: 'Ultimately, we are unlikely to see any changes unless these (tech) platforms and authorized cryptocurrency exchanges that publish non-compliant ads face a very real threat of legal action.' It is understood that the FCA does not have the authority to require online platforms to remove unauthorized content but relies on honest negotiations with tech platforms. Tom Fosh from law firm Eversheds Sutherland stated that merely issuing alerts to combat cryptocurrency scams still helps raise consumer awareness. (FT)