Only 54% of illegal crypto ads in UK removed despite FCA crackdown: report
Illegal crypto ads remain widespread as the FCA struggles to crack down, data shows.
The British Financial Conduct Authority has failed to remove all illegal crypto ads as nearly half of flagged promotions still online, the Financial Times has learned, citing data obtained through a freedom of information request. Between October 2023 and October 2024, the FCA issued over 1,700 alerts about illegal crypto ads, apps, and websites. However, less than 55% were taken down.
The FCA has the power to fine or prosecute companies that break new rules requiring crypto ads to be approved by the regulator or an FCA-authorized business, the report notes. Despite this, no penalties have been issued so far.
Instead, the watchdog…
