UK’s Regulator Only Manages to Take Down 54% of Illegal Crypto Ads

The British Financial Conduct Authority (FCA) has reportedly been unsuccessful in removing all illegal crypto advertisements as nearly half of them are still available online.

Between October 2023 and October 2024, the FCA issued more than 1,700 alerts about illicit crypto ads, apps, and websites, yet less than 55% of them were taken down.

Despite the FCA’s power to fine or prosecute companies that violate new regulations mandating crypto ads to be approved by the regulator or an FCA-sanctioned business, no penalties have been imposed so far.

Instead, the watchdog has turned its attention towards “finfluencers,” social media influencers who endorse risky financial schemes.

The FCA has taken legal action against nine individuals, including reality TV personalities, and is currently questioning 20 more, according to the report.