Illegal crypto ads continue to be a concern in the UK as the Financial Conduct Authority (FCA) struggles to mitigate the issue.
FCA's Actions Against Crypto Ads
According to a Financial Times report, 54% of the 1,702 alerts issued by the UK's Financial Conduct Authority (FCA) from October 2023 to October 2024 resulted in the removal of illegal crypto ads. However, many crypto-related promotions are still active. Although the FCA has the authority to fine or take criminal action against violators, it has focused on financial influencers promoting schemes online.
FCA Registration Required for Google Ads in the UK
In line with FCA rules, Google Ads updated its guidelines to require FCA approval for projects targeting the UK with crypto promotions. Starting January 15, advertisers offering crypto exchange products and services can only promote their ads if they have an FCA registration. The company reminded advertisers to comply with local laws.
FCA Warns Citizens About Solana-Based Memecoin
On December 16, the FCA warned UK citizens about interacting with the Solana-based memecoin Retardio. The regulator stated that the project might be promoting financial services in the country without FCA permission. Users dealing with such unauthorized projects like Retardio will not have access to the country's Financial Ombudsman Service or the Financial Services Compensation Scheme.
Despite regulatory efforts and changes in advertising platform policies, illegal crypto ads continue to pose a challenge in the UK.
