CoinVoice has recently learned that, according to the Financial Times, despite regulators' demands 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, only 54% of the 1,702 alerts issued by the UK's Financial Conduct Authority between October 2023 and October 2024 resulted in the closure of illegal crypto ads, apps, or websites.
Regulators can impose fines or file criminal charges against groups that violate the new law aimed at eliminating the extensive promotion of shady practices in the UK cryptocurrency market. The new regulations require cryptocurrency advertisements to be authorized by the FCA or authorized firms before being published online; otherwise, regulators will take 'strong' action. However, individuals familiar with its procedures claim that the FCA has not yet exercised any new powers. Instead, it is focusing on 'financial influencers,' or those who promote such schemes online. [Original link]