Only 54% of Illegal Crypto Ads Were Removed in UK: Report
Despite the UK’s financial regulator’s request for crypto projects to remove their advertisements targeted at the country, illegal crypto ads continue to appear in the United Kingdom.
A report from the Financial Times revealed that out of the 1,702 alerts issued by the Financial Conduct Authority (FCA) between October 2023 and October 2024, only 54% resulted in illegal crypto ads being taken down. The remaining ads are still up and running. Currently, no companies have been fined by the FCA for failing to remove crypto ads that violate the regulator’s rules.
These regulations require all digital asset promotions to receive approval from either the FCA or an authorized entity before they can be published. Although the FCA has the power to issue fines or pursue criminal charges against violators, their focus has been primarily on financial influencers who have promoted fraudulent schemes online.
In accordance with the FCA’s regulations on crypto advertising, Google Ads has updated its guidelines. Any projects seeking to target the UK with crypto promotions must now have FCA approval.
