According to a report by the Financial Times on January 1, PANews, despite regulators' demands to remove illegal cryptocurrency advertisements, half of the banned ads remain online, and UK financial regulators have not penalized any companies for failing to remove illegal cryptocurrency ads. Data obtained through freedom of information requests indicate that of the 1,702 alerts issued by the UK's Financial Conduct Authority from October 2023 to October 2024, only 54% resulted in illegal crypto ads, apps, or websites being shut down.
Regulators can impose fines or pursue criminal charges against groups that violate the new laws aimed at cleaning up the massive promotion of shady practices in the UK cryptocurrency market. The new regulations require cryptocurrency advertisements to obtain authorization from the FCA or FCA-authorized firms before being published online; otherwise, regulators will take 'stern' action. However, sources familiar with its procedures say that the FCA has not yet exercised any new powers. Instead, it is focusing on 'financial influencers,' who promote such schemes online.