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Заголовок Crypto Ad Ban In UK A Failure? 50% Still Active Despite Restrictions
Дата 20250103

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Crypto Ad Ban In UK A Failure? 50% Still Active Despite Restrictions

Crypto Ad Ban In UK A Failure? 50% Still Active Despite Restrictions

by Christian Encila

3 hours ago

in News

0

The Financial Conduct Authority, the UK’s financial watchdog, faces challenges
in enforcing its rules on illegal crypto advertisements. Despite flagging
1,702 illegal cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта ads, websites, and apps between October 2023 and
October 2024, only 54% were removed online, with nearly half still active and
luring potential investors or unsuspecting victims, the Financial Times• Средства массовой информации » СМИ-газеты » Газеты по странам » Газеты Великобритании » Financial Times

• Средства массовой информации » Средства массовой информации Великобритании » Газеты Великобритании » Financial Times

disclosed.

Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s Open Interest Delta Shifts Flips Positive, Bullish
Momentum Ahead?

The FCA has the authority to regulate these advertisements and file criminal
cases against individuals or groups that violate a new law that aims to fix
the messy side of the country’s crypto markets• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.

The current rules allow the FCA to review and approve these ads or
crypto-related businesses before publishing or running online. Despite this
new rule and regulatory powers, the FCA has failed to implement them fully,
raising serious concerns about its watchdog’s capabilities.

FCA Focuses On Finfluencers , Instead Of Big Crypto Companies

Although the UK’s crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта has seen some dubious ads and marketing
lately, the FCA failed to implement the law fully. According to some
observers, the government watchdog instead focused its resources on regulating
the “finfluencers” or the financial individual influencers that promote crypto
projects and businesses. Many of these influencers are active on social media• Коммуникации » Интернет-коммуникации » Интернет-сообщество » Социальные сети,
particularly on Twitter• Коммуникации » Интернет-коммуникации » Интернет-сообщество » Социальные сети » Х (Twitter)/X, and they often post tweets and marketing messages
that aim to convince followers to invest.

Just recently, the FCA filed complaints against nine individuals who marketed
an unauthorized business• Экономика » Бизнес with high-risk derivatives as products on Instagram• Коммуникации » Интернет-коммуникации » Интернет-сообщество » Социальные сети » Instagram.
The watchdog has also filed complaints against TV stars who became popular in
reality shows like The Only Way is Essex and Love Island.

In October 2024, the FCA shared that it was investigating 20 more influencers
who were illegally marketing financial products. Total crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта cap
currently at $3.3 trillion. Chart: TradingView

Some Platforms Get Away With Unauthorized Crypto Ads

While social media• Коммуникации » Интернет-коммуникации » Интернет-сообщество » Социальные сети influencers are being targeted, plenty of crypto companies
are skirting the laws. And according to commentators, the FCA is having
difficulty prosecuting and filing cases against them.

The reason for the watchdog’s inaction or lack of initiative can be traced to
existing laws. According to existing rules, the FCA cannot legally force these
technology companies to remove these unapproved cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта ads instantly.

The move to take down these advertisements must be voluntary. The good news is
that some tech companies like Meta, Google• Объект организация » Организации по алфавиту » Организации на Go » Google (компания), and Bing have agreed to remove
these ads. And some crypto companies and operators know that the watchdog’s
hands are tied, and they can’t do much about the situation.

Related Reading: Pro-XRP Lawyer Deaton Reveals How SEC And Competitors United
Vs. Ripple

UK Sees A Growing Crypto Niche

The cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта niche in the UK started slowly in 2013. Initially, there
were a few tech and crypto startups, and only a few saw the technology’s
potential. After a year, the UK Treasury started to note the industry s
fast growth by publishing research on digital currencies and the need for
monitoring and regulations.

And in 2017, the issue of crypto regulation started to gain mainstream
attention. During this time, the FCA entered the picture and warned the UK
investing public about the dangers of crypto investing.

Then, by the following year, the UK government launched consultations to get
insights into how to regulate an industry while promoting innovation. And by
2021, the UK has demanded cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта companies to register first before
they can legally operate.

Featured image from Pexels, chart from TradingView

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============= Объекты: организации Google (компания) сетевые Instagram сетевые_сообщества Х (Twitter) сми Financial Times


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