The UK's Financial Conduct Authority (FCA) is facing criticism for its insufficient actions against illegal crypto advertising, despite its efforts.
FCA Fails to Discharge Duties
Although the FCA reserves the right to penalize violators, efforts to ban illegal ads remain ineffective. Only 54% of such ads have been removed, leaving 782 remaining online.
Indictments Against 'Finfluencers'
Critics believe the lack of substantial penalties undermines FCA's initiatives. However, the FCA has filed criminal charges against nine social media influencers for promoting unauthorized crypto products.
FCA Plans for Tighter Crypto Regulations
In mid-December, the FCA released a discussion paper on new rules for cryptocurrencies, proposing a ban on public sales and new market regulations.
Despite challenges in enforcing new rules, the FCA continues to work on strengthening cryptocurrency regulations in the UK, which is crucial for combating illegal practices.
