Only 54% of Crypto Ads Considered Illegal by FCA Were Removed in UK

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A recent report from the Financial Times revealed that the UK’s Financial Conduct Authority (FCA) was only successful in removing 54% of the 1,702 illegal crypto advertisements that were reported between October 2023 and October 2024.

This means that the remaining promotions are still actively targeting consumers. In response to this issue, the FCA announced in 2023 that non-compliant crypto companies will face punishments. These penalties can include imprisonment of up to two years, an unlimited fine, or both.

The FCA stressed that they will take strong action against those who promote illegal cryptocurrency to British consumers. This can include placing firms on a warning list, taking steps to remove or block illegal financial promotions such as websites, social media accounts, and apps, and enforcing penalties.

It is also worth noting that only FCA-approved crypto promotions are allowed to be advertised in the UK. The regulator aims to provide clarity and protect consumers from investing in risky crypto assets that do not align with their risk appetite.