The British Financial Conduct Authority (FCA) has struggled to remove illegal cryptocurrency advertisements, with almost half of flagged promotions still remaining online, according to data obtained through a freedom of information request. Between October 2023 and October 2024, the FCA issued over 1,700 alerts about illegal crypto ads, apps, and websites, but less than 55% were taken down. The FCA has the power to fine or prosecute companies that break new rules requiring crypto ads to be approved, but no penalties have been issued so far. Instead, the regulator has focused on social media influencers known as "finfluencers" who promote risky financial schemes, bringing criminal charges against nine people, including reality TV stars. The FCA plans to finalize broader crypto regulations by 2026, including addressing market abuse, trading platforms, lending, and stablecoins. The aim is to develop balanced regulations that consider the unique characteristics of crypto and serve the best interests of investors.



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