On January 1, 2025, the UK's Financial Conduct Authority (FCA) reported that 54% of the 1,702 alerts issued between October 2023 and October 2024 led to the removal of illegal crypto advertisements. However, a significant portion of these promotions remains active despite the FCA's efforts.
The FCA has yet to impose fines on companies that fail to comply with advertising regulations, which require prior approval for digital asset promotions. Instead, the regulator has concentrated on targeting financial influencers promoting unauthorized schemes.
In response to regulatory changes, Google Ads announced that, starting January 15, 2025, only advertisers with FCA registration will be permitted to promote crypto exchange products in the UK. Ads for hardware wallets and NFTs will be allowed if they do not facilitate trading services.
Additionally, the FCA has issued warnings regarding a Solana-based memecoin project named Retardio, advising UK citizens to avoid it due to potential unauthorized financial services.