FCA Flags 1,702 Crypto Ads, Only 54% Removed So Far

• The UK FCA flagged 1,702 illegal crypto ads this year, yet only 54% have been successfully removed.
• Google plans stricter rules for crypto ads starting January 15, targeting sketchy influencers as a significant problem.

The UK’s Financial Conduct Authority (FCA) has increased its efforts to regulate crypto ads. The FCA found 1,702 crypto-related advertisements deemed illegal or non-compliant over the year. According to Financial Times, only 54% of the flagged ads have been taken down in spite of these initiatives, though.

This disparity draws attention to major difficulties enforcing responsibility and compliance in the quickly changing digital financial sector. The problem is exacerbated by the increasing power of so-called “finfluencers” who endorse dangerous financial items, usually dodging laws and using legal gaps.

FCA: Tackling Influencers and Big Tech Collaboration

The FCA has not fully used its ability to enforce fines or pursue legal action against companies who neglect new rules. Rather, the emphasis now is on aiming for influencers endorsing unbridled financial items. Under this program, the FCA has investigated at least twenty others about their participation in illicit promotions and taken legal action against nine specific people.

Apart from these initiatives, the FCA has worked with big digital companies such as Google and Meta to help control the spread of illegal crypto ads. Aiming to prevent exposure to false schemes, these platforms have agreed to restrict sponsored ads from unapproved companies.

Critics counter that this voluntary agreement lacks the required legal binding authority to guarantee continuous compliance. Former FCA chairman Charles Randell underlined the need for legal action as a main deterrent against violations of advertising rules.

Google will apply more stringent advertising guidelines for content linked to cryptocurrency beginning January 15, 2025.

This action is supposed to drastically lower the number of illegal advertisements and shield users against misleading marketing strategies. Although these events indicate improvement, the efficacy of these policies is yet unknown, especially considering the continuation of unbridled players in the crypto market.

On the other hand, CNF previously revealed that the UK authorities closed Pump Fun, a site accused of running without FCA permission. The crackdown included blocking access for UK users. After these incidents, Pump Fun stopped livestreaming, claiming bad actor abuse of their tool.