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Barry Silbert-Affiliated Crypto Company’s Bitcoin Ads Banned from Buses and Underground in UK

Bitcoin

u.today 26 May 2021 11:50, UTC
  
Reading time: ~2 m

CNBC has reported the results of the recent Bitcoin campaign arranged in the UK by Luno exchange (recently bought by Barry Silbert’s Digital Currency Group) with posters to hang on underground trains and city buses, saying “If you’re seeing Bitcoin on the Underground, it’s time to buy.”

These posters have now been banned for being “irresponsible” and “misleading”.

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London ASA has the Bitcoin ads removed

The Advertising Standards Authority (ASA) has insisted on banning these Bitcoin posters of Luno from the London underground network and double-decker buses this year, stating that in their present form they are “irresponsible” and “misleading”, since they do not say anything about the risks to do with cryptocurrencies.

The authority has explained to Luno that in the future should clearly highlight that Bitcoin is volatile and both rise and fall.

People complaining about the Bitcoin ads

The ASA said that it had four incoming complaints about the Luno’s advert from people who reckoned that the poster was far from explaining the risks associated with investing in Bitcoin, thus being misleading.

One of the complainers pointed out that the ad took advantage of users’ lack of experience and knowledge of crypto.

The watchdog has reminded that investing in Bitcoin can be a complicated matter, BTC itself is very much volatile and “could expose investors to losses.”

Luno has promised to ensure that its advertising posters in the future will carry an appropriate warning of possible risks and will not be offered in its current form again.


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