Financial Conduct Authority (FCA) issues warning over unauthorized Meme Coin project as illegal ads continue

Illegal cryptocurrency advertising remains prevalent in the UK, even after multiple warnings issued by the Financial Conduct Authority (FCA).

Modern a report The Financial Times highlighted that only 54% of the 1,702 alerts sent by the FCA between October 2023 and October 2024 resulted in the removal of illegal cryptocurrency promotions.

Although the FCA has the power to impose fines and pursue criminal charges against companies that breach advertising regulations, the regulator has not yet taken such action against those who do not comply with them. The regulations stipulate that all digital asset promotions must obtain approval from the Financial Conduct Authority (FCA) or an FCA authorized firm before publication.

In response to these ongoing issues, Google Ads has updated its advertising guidelines to align with the requirements of the Financial Conduct Authority (FCA). From 15 January 2025, advertisers promoting cryptocurrency exchange products and services targeting the UK must obtain Financial Conduct Authority (FCA) registration.

The platform will allow ads for hardware wallets that do not facilitate the buying, selling or trading of cryptocurrencies, but expects all advertisers to comply with local laws.

The Financial Conduct Authority (FCA) has specifically warned UK citizens of the potential risks associated with the Solana-based meme coin known as Retardio.

On December 16, the regulator warned that the project may promote financial services within the UK without obtaining the necessary license from the Financial Conduct Authority (FCA). The Financial Conduct Authority (FCA) has advised consumers to only deal with FCA-approved companies to ensure their protection.

Individuals dealing with unauthorized projects such as Retardio may find themselves unable to access the Financial Ombudsman Service, which resolves financial complaints, or the Financial Services Compensation Scheme, which provides protection if companies go out of business.