The UK Financial Conduct Authority (FCA) is experiencing challenges in successfully implementing its ban on cryptocurrency advertisements. According to the Financial Times, half of the crypto advertisements published nationwide remain accessible. This indicates significant difficulties in controlling the dissemination of such content.

Regulatory and Enforcement Challenges

Data based on freedom of information requests made by the FCA reveals that only 54% of 1,702 warnings led to the removal of illegal advertisements, applications, and websites. This suggests that the authority is struggling to enforce the advertising ban effectively.

Former FCA chairman Charles Randell emphasized the need for imposing penalties on companies that ignore the ban. He stated, “One should not expect change without a real and present threat of legal action.”

Collaboration with Technology Platforms

A significant challenge faced by regulators is their inability to request the banning of unauthorized content from technological and social media platforms. Randell pointed out that “platforms can block these ads when sufficiently motivated,” underscoring ...