The United Kingdom’s Financial Conduct Authority (FCA) has encountered challenges in enforcing compliance with cryptocurrency advertising regulations. Between October 2023 and October 2024, the FCA issued 1,702 alerts concerning illegal crypto advertisements; however, only 54% of these promotions were subsequently removed.
Despite possessing the authority to impose fines or initiate criminal proceedings against non-compliant entities, the FCA has thus far refrained from such actions. Instead, the regulator has concentrated efforts on addressing financial influencers, commonly known as “finfluencers,” who promote high-risk financial products online. This approach has included bringing criminal cases against certain individuals and conducting interviews with others to curb misleading promotions.
In an effort to bolster compliance, the FCA has collaborated with major technology companies, including Google and Meta, to restrict unapproved paid advertisements related to cryptocurrencies. Notably, Google has updated its advertising policies to require FCA registration for crypto-related promotions targeting UK users, effective January 15, 2025. This policy mandates that advertisers offering crypto exchange products and services must be registered with the FCA to run ads in the UK.
The persistence of unauthorized crypto advertisements highlights the complexities faced by regulatory bodies in policing digital promotions. Former FCA chair Charles Randell emphasized the necessity of visible legal actions to ensure adherence to regulations. The FCA continues its efforts to mitigate online fraud and scams, striving to protect consumers from misleading financial promotions in the rapidly evolving cryptocurrency landscape.
