Published on February 15, 2024 18:17 GMT+00:00edited on February 15, 2024 18:19 GMT+00:00

The Financial Conduct Authority used a new report this week to describe the degree to which it has focused on illegal cryptoasset promotions targeting UK consumers over the past year.

The regulator reported releasing a total of 2,285 alerts over the past year to prevent consumers from falling victim to scams, with 450 of them in the fourth quarter of 2023 specifically targeting illegal cryptoasset promotions to UK consumers.

The data, released on Wednesday, show that the regulator withdrew or amended over 10,000 financial adverts and other promotions in 2023. That represented a 17% increase compared to the previous year.

Examples of the enforcement intervention that the FCA conducted in 2023 include taking action against a firm offering qualifying cryptoassets that had not identified …