According to Odaily Planet Daily, the UK financial regulator FCA has not yet punished companies for failing to remove illegal cryptocurrency advertisements. From October 2023 to October 2024, only 54% of the 1,702 alerts issued by the FCA led to the removal of advertisements.

The FCA can fine or bring criminal charges against groups that violate the new law. The rules require FCA authorization before crypto ads are published, otherwise they face severe action. But the FCA has not yet used the new powers and is focused on cracking down on "financial influencers."

The FCA has filed criminal charges against nine people for promoting unauthorised, high-risk derivatives schemes on Instagram, following an interview with 20 financial influencers in October last year.

The former chairman of the FCA said that penalizing companies that refuse to remove content is essential to reducing non-compliance. The FCA has no power to require online platforms to remove content and relies on good faith negotiations.