It seems that illegal crypto ads are still running rampant in the UK, and the Financial Conduct Authority is feeling a bit frustrated.
Despite issuing 1,702 alerts between October 2023 and October 2024, only 54% of those ads were actually taken down.
Crypto ads are the most risky things in the UK?
The FCA has been trying to clean up the crypto advertising mess, but it hasn’t quite hit the mark.
The regulator requires that all digital asset promotions get the green light from either the FCA or an authorized business before they can go live, but also, they haven’t yet slapped any fines on companies that ignore these rules.
Instead, they seem to be focusing their efforts on social media influencers who are promoting risky schemes.
Google’s new ad rules
In response to the FCA’s challenges, Google Ads is stepping up its game, and starting January 15, 2025, advertisers looking to promote crypto exchange products in the UK will need to register with the FCA.
This move is aimed at making sure that only compliant ads make it to users’ screens.
But don’t worry if you’re a hardware wallet provider! Google will still allow ads for wallets that simply store private keys, as long as they don’t offer buying or trading services.
Just remember, all advertisers must play by local laws when using Google’s platform.
Memecoins
Adding to the drama, the FCA recently issued a warning about a Solana-based memecoin called Retardio. On December 16, they cautioned UK citizens against dealing with this project, claiming it might be promoting financial services without proper authorization.
Oh no. The FCA advises consumers to stick with companies approved by them to ensure safety.
And here’s a kicker, if you get involved with unauthorized projects like Retardio, you’ll miss out on protections from the Financial Ombudsman Service and the Financial Services Compensation Scheme.
In simpler terms? If something goes wrong, good luck getting your money back.
