Data shows that illegal cryptocurrency advertising remains widespread as the Financial Conduct Authority (FCA) struggles to stamp it out.

British Financial Conduct Authority It failed to remove all illegal cryptocurrency ads as nearly half of the reported promotions were still available online, the Financial Times reported. I've learnedciting data obtained through a freedom of information request. Between October 2023 and October 2024, the FCA issued more than 1,700 alerts about illegal cryptocurrency advertisements, apps and websites. However, less than 55% of them were deleted.

The report notes that the Financial Conduct Authority (FCA) has the power to impose fines or prosecute companies that breach new rules requiring the approval of the regulator or an FCA-authorized company for cryptocurrency advertising. However, no sanctions have been issued yet.

Instead, the watchdog focused on so-called “influencers”, social media influencers who promote risky financial schemes. The regulatory body has brought criminal charges against nine people, including reality TV stars, and is interviewing 20 others under caution.

“Ultimately, unless there is a real and very present threat of legal action visible to both (technology) platforms and approved crypto asset exchanges that make non-compliant announcements, we are unlikely to see any change.”

Former FCA Chairman Charles Rundle

The UK regulator plans to finalize broader crypto regulations by 2026. As seen on crypto.news I mentioned Earlier, the framework will address issues such as market abuse, trading platforms, lending and stablecoins, with consultations starting in late 2024.

Matthew Long, Director of Payments and Digital Assets at the Financial Conduct Authority (FCA), stressed the need to tackle market abuse while building a fair and transparent system for cryptocurrency traders. With 12% of UK adults now owning cryptocurrencies, the Financial Conduct Authority (FCA) plans to develop balanced regulations, although the details are still unclear.

Long said the regulator aims to create rules that take into account the “unique characteristics of cryptocurrencies” and serve the best interests of investors.