Half of Crypto Ads in the UK Break the Law
Date: 2025-01-03 Author: Gabriel Deangelo Categories: IN WORLD
From October 2023 to October 2024, the British Financial Conduct Authority (FCA) published 1,702 breach notices related to crypto advertising. However, only 54% of them resulted in the removal of illegal content, including apps and websites. Financial Times journalists calculated that almost half of crypto ads continue to be published without complying with regulatory standards.
The FCA has previously tightened requirements for advertising crypto services and digital assets. Now companies are required to obtain prior approval either from the regulator itself or from authorized agencies. Failure to comply with these rules will result in significant fines and even imprisonment for up to two years.
Former FCA chief Charles Randall stressed the need for more decisive action from the regulator. Instead of focusing solely on large tech platforms or advertisers, the FCA has focused on influencers and celebrities. These individuals actively promote risky crypto schemes via social media, often misleading investors. According to Randall, fines can push platforms and exchanges to remove questionable content and reduce the volume of illegal advertising.
In autumn 2024, the FCA reported that it had rejected 87% of applications for registration from crypto companies. The main reason for the refusals was the lack of adequate measures against fraud and money laundering.
Thus, despite the regulator’s efforts, a significant share of crypto advertising in the UK still violates the law, posing a threat to investors and undermining confidence in the digital asset market.
