The Financial Conduct Authority (FCA) faces ongoing challenges in its efforts to curb unauthorized cryptocurrency advertisements across the United Kingdom, as non-compliant promotions continue to appear despite regulatory measures.
Recent data reveals that between October 2023 and October 2024, the FCA identified and issued 1,702 alerts regarding illegal crypto advertisements. While 54% of these flagged promotions were successfully removed, a substantial portion remains visible to UK consumers.
The regulatory body has focused its enforcement strategy on online influencers who promote cryptocurrency investments without adequately highlighting associated risks. Rather than imposing direct fines on companies violating advertising rules, the FCA aims to address the issue by targeting those who spread these promotional messages.
Current regulations mandate that crypto-related advertisements must receive approval from either the FCA or an authorized entity before publication. In response to these requirements, Google has announced new advertising guidelines set to take effect on January 15, 2025. Under these rules, UK-based crypto exchanges and service providers must obtain FCA registration before running advertisements on the platform.
The updated Google policies maintain allowances for hardware wallet and NFT advertisements, provided they do not facilitate trading services. As the regulatory landscape evolves, the FCA is actively seeking industry expertise, with a deadline for feedback set for March 14, 2025.
The persistent presence of non-compliant advertisements highlights the complex challenge regulators face in maintaining oversight of crypto promotions in the digital age. While removal efforts show partial success, the battle against unauthorized crypto advertising continues across UK digital platforms.