Illegal Crypto Ads Persist in UK Despite FCA Crackdown
Illegal cryptocurrency advertisements continue to circulate in the United Kingdom, even after the Financial Conduct Authority (FCA) ordered crypto projects to remove their promotions.
FCA set new rules for crypto promotions in June 2023 owing to the risky nature associated with crypto markets.
FCA’s Crypto Ad Takedown Requests Go Unanswered
According to a Financial Times report, between October 2023 and October 2024, only 54% of the 1,702 alerts issued by the FCA led to the removal of illegal crypto ads. The remaining promotions remain active.
The British regulator announced in 2023 that if crypto firms fail to comply, they will face punishments. The penalties could include two years imprisonment, an unlimited fine,…
