According to reports, the UK’s Financial Conduct Authority (FCA) has so far failed in its attempt to ban crypto advertising.
Half of all crypto advertising still occurs in the UK, and the FCA has yet to penalize any of the companies, the Financial Times reports.
Citing data from a Freedom of Information request, FT says only 54% of the 1,702 warnings issued by the FCA resulted in the removal of illegal adverts, apps and websites.
Charles Randell, the regulator’s former chairman, told the FT that the FCA needed to start penalizing firms that ignored the ban to end the “very frustrating” level of non-compliance.
“Ultimately, unless there is a very real and present threat of legal action for both sides [tech] Platforms and authorized crypto asset exchanges that publish non-compliant advertisements are unlikely to see any change.”
Randell said part of the difficulty for regulators is that they cannot demand that technology and social media platforms ban unauthorized content, but instead rely on good faith negotiations.
“If the platforms are sufficiently motivated to block these ads, they can and will… The regulators – including both…
