CoinVoice has recently learned from the Financial Times that, despite regulators' requests to remove illegal cryptocurrency advertisements, half of the banned ads remain online, and the UK's financial regulators have not yet penalized any companies for failing to remove illegal cryptocurrency ads. According to data obtained through freedom of information requests, of the 1,702 alerts issued by the Financial Conduct Authority between October 2023 and October 2024, only 54% 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 aimed at cleaning up the extensive promotion of behind-the-scenes operations in the UK cryptocurrency market. The new regulations require that cryptocurrency advertisements must be authorized by the FCA or firms authorized by the FCA before being published online; otherwise, regulators will take 'stern' action. However, sources familiar with the process indicate that the FCA has not yet exercised any new powers. Instead, it is focusing on 'financial influencers,' who are promoting such schemes online. [Original link]