A record $17 billion is estimated to have been stolen by crypto scams globally in 2025, yet new data suggests illegal promotions remain widespread online. The UK remains particularly vulnerable, with an estimated 9 million people caught out by financial scams in 2024.
New Freedom of Information (FOI) data sourced by the forex broker experts at BrokerChooser has revealed that nearly 3 in 10 banned crypto and forex advertisements remain online in the UK, leaving investors at high risk.
The experts submitted a Freedom of Information (FOI) request to the Financial Conduct Authority (FCA), seeking data on how many alerts had been issued regarding illegal or non-compliant online investment promotions, including social media posts, advertisements, apps or websites, and how many ultimately led to the promotions being taken down.
FCA action against non-compliant online investment promotions
| Year | Enforced actions | Domainstaken down | Total remaining online | Percentage remaining online | Percentage taken down |
| 2024 | 1,702 | 919 | 783 | 46.00% | 54.00% |
| 2025 | 1,661 | 1,177 | 484 | 29.14% | 70.86% |
Three in 10 banned forex and crypto ads remain online
Previous data released by the FCA showed that between October 2023 and October 2024, only 54% of the 1,702 alerts issued ended in the illegal crypto ads, apps or websites being taken down, meaning 46% remained online.
The forex broker experts at BrokerChooser submitted a new Freedom of Information (FOI) request to determine if regulatory enforcement increased in 2025. The data highlights that while compliance did improve, resulting in 70% of banned ads being removed, almost three in 10 still remain online (29.15%).
Social media takedowns following FCA intervention
| Year | Enforced actions | Domains taken down | Total remaining online | Percentage remaining online | Percentage taken down |
| 2025 | 275 | 180 | 95 | 34.55% | 65.45% |
‘Finfluencers’ and financial promotions on social media continue to contribute to the high-risk investing environment in the UK. Nearly two-thirds (62%) of 18 to 29-year-olds follow social media influencers, 74% of those said they trusted their advice, and 9 in 10 were encouraged to change their financial behaviour.
Over a third of the banned forex and crypto advertisements remain live on social media due to ‘frustrating’ non-compliance
In response to BrokerChooser’s FOI request, the FCA revealed that it had issued 275 alerts against social media advertisements, with 65% of social media listings being taken down as a result. Yet over a third (34.55%) remain online, underscoring how social media remains one of the most challenging areas for enforcement.
This is because the FCA doesn’t have the power to require online platforms to remove unapproved content, and instead relies on good-faith negotiations with tech platforms. As a result, social media platforms remain largely unmotivated to target ‘dodgy’ promotions, with it being estimated that social media giants generated £430 million in revenue during 2025, specifically from ads targeting British consumers with scams.4
Adam Nasli, Head Analyst at BrokerChooser, shares more:
“Issuing regulatory alerts plays an important role in raising public awareness, but alerts alone are not enough. Stronger penalties for companies and social media operators that ignore takedown requests are essential if regulators want to deter repeat offenders and drive meaningful compliance.
Perhaps most frustrating is the lack of accountability for social media platforms. Our findings show that more than a third of banned promotions on social media remain accessible, despite clear regulatory action. Until platforms are held responsible for illegal promotions they help distribute, enforcement will continue to fall short.”
Former FCA chair Charles Randell said last year that penalising companies that refused to take down content was essential to reducing the “very frustrating” level of non-compliance.
“Ultimately, unless a very real and present threat of legal action is visible to both the [tech] platforms and to authorised crypto asset exchanges which issue noncompliant ads, we’re unlikely to see any change.”
