ChainCatcher message, according to the Financial Times, despite regulators' requests to remove illegal cryptocurrency advertisements, half of the banned ads remain online, and the UK's financial regulators have yet to punish 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 led to the closure of illegal crypto ads, apps, or websites.
Regulators can impose fines or initiate criminal proceedings against groups that violate the new law, which aims to clean up the large-scale promotional activities of shady operations in the UK cryptocurrency market. The new regulations require cryptocurrency advertisements to be authorized by the FCA or FCA-authorized firms before being published online; otherwise, regulators will take 'strict' 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.