FCA Struggles to Enforce Crypto Advertisement Regulations in the UK
by aria-crypto.com
January 1, 2025 at 21:48
FCA Struggles to Enforce Crypto Advertisement Regulations in the UK
Illegal cryptocurrency advertisements continue to circulate in the United Kingdom, defying the Financial Conduct Authority's (FCA) efforts to clamp down on non-compliant promotions. Since implementing stricter advertising rules in June 2023, the FCA has encountered significant resistance, with only 54% compliance in ad removals from October 2023 to October 2024. The penalties proposed by the FCA include imprisonment, unlimited fines, or both, but these have not yet been enforced. The authority aims to protect consumers by allowing only FCA-authorised promotions, focusing on reducing financial harm due to mismatched risk appetites. Recent developments include the restriction of Solana’s Pump.fun and Binance's cessation of new UK registrations, following FCA warnings. The regulator plans to finalize comprehensive crypto regulations by early 2026, targeting areas like market abuse and stablecoins. Despite these actions, the overall effectiveness remains questionable, leading to criticism and calls for a more rigid enforcement approach to ensure compliance and protect UK consumers from unauthorized crypto activities.
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