Illegal crypto ads keep popping up in the UK

-

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.

Have you read it yet? Pump.fun moves 120.000 SOL to Kraken


Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.

LATEST POSTS

Curve Finance founder’s selloff sparks market concerns

Alright, the crypto world is buzzing with a tale of intrigue and uncertainty. Michael Egorov, the mastermind behind Curve Finance, has been on a selling...

Robinhood is in trouble because the betting feature?

There's a storm brewing in Massachusetts, and Robinhood's right in the middle of it. The state's top securities regulator, Bill Galvin, is on their case, investigating...

Trump just issued a stablecoin that’s got everyone talking

There's a new player in town, and it's none other than Donald Trump's crypto venture, World Liberty Financial. They've just launched a stablecoin called USD1,...

DeFi’s workaholics, aka who’s actually building while crypto bleeds?

One minute, crypto mooning. The next, it’s taking a dip, leaving everyone clutching their wallets and wondering what went wrong. But while traders are nursing...

Most Popular

Guest posts