The Global Week of Action against unlawful finfluencers has expanded significantly for its second annual operation, now involving 17 regulators across five continents compared to just nine regulators in 2025. The coalition includes major financial authorities such as the UK's Financial Conduct Authority (FCA), Australia's ASIC, Hong Kong's SFC, India's SEBI, Singapore's Monetary Authority, Brazil's CVM, and Canada's three financial regulators. New Zealand's Financial Markets Authority (FMA) has joined the effort, contacting 14 finfluencers active across social media platforms during the operation that runs from April 20-26. As reported by Finance Magnates, the coordinated push reflects how quickly social media has become a primary channel for retail financial information, with regulators working together to strengthen consumer protection and safeguard individuals from misleading financial promotions.
The latest enforcement action demonstrates the growing impact of regulatory crackdowns on unauthorized crypto operations. The FCA has criminally charged three finfluencers - Charles Hunter, Kayan Kalipha, and Luke Desmaris - over the promotion of unauthorized contracts for difference, citing the use of "lavish lifestyles, often falsely, to promote success." ASIC issued 18 warning notices to Australian finfluencers suspected of pushing CFDs and over-the-counter derivatives without a license. The FMA reports that its contacts with 14 finfluencers have already produced measurable results, with misleading or harmful content taken down, including advertisements aimed at New Zealanders. Some operators have trimmed the scope of their offerings, and others have stopped serving New Zealand customers altogether. The regulatory push is running into a powerful tailwind, with a BaFin survey finding that more than half of Gen Y and Gen Z respondents view social media as a viable alternative to traditional financial advice.
The UK's Financial Conduct Authority has carried out its first coordinated operation to disrupt illegal peer-to-peer crypto trading, targeting multiple locations across London. According to reports from AMBCrypto, the regulator worked with HM Revenue & Customs and the South West Regional Organised Crime Unit to inspect eight premises suspected of operating unregistered crypto trading services. Officers issued cease-and-desist notices at each site and collected evidence to support ongoing criminal investigations, signaling a shift from warnings to direct enforcement in the UK's crypto sector. The action was taken under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, with the FCA issuing cease and desist letters at each site notifying traders to stop illegal activity immediately. This enforcement follows the FCA's criminal charges against three finfluencers over CFD promotions and the agency's triggering of over 650 content takedown requests.
The FCA stated that individuals offering peer-to-peer crypto trading services in the UK must be registered under anti-money laundering rules, with no such traders or platforms currently authorized to operate in the country. Officials warned that unregistered activity poses risks to consumers and can provide a route for criminals to move and disguise illicit funds. Steve Smart, executive director of enforcement and market oversight at the FCA, emphasized that "unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk." The regulatory concerns extend beyond crypto to finfluencers, with the FMA acknowledging a rise in cases where operators stray outside regulatory boundaries or mislead followers. Samantha McGuire, manager of regulatory services at the FMA, stated that international collaboration is crucial in efforts to strengthen consumer protection and support a fair online environment, particularly as financial promotions become more prevalent on social media.
Legal experts have welcomed the enforcement action as a clear signal of regulatory intent across multiple jurisdictions. Imogen Makin, counsel at law firm WilmerHale in London, noted that "the resources and coordination deployed in this operation show that the FCA isn't just making statements about its areas of focus, it is acting on them." She added that "it seems likely that we will continue to see similar crackdowns in future as the FCA remains focused on combatting the risks associated with crypto and financial crime." The operation demonstrates the FCA's commitment to enforcing compliance in the largely unregulated crypto sector, where authorities rank crypto assets as a high-risk investment with limited regulatory oversight beyond anti-money laundering requirements. With the FMA running educational social media posts and releasing a podcast on sector risks, the message to platforms is increasingly clear: register, or risk being shut down across multiple jurisdictions.
