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The Advertising Standards Authority (ASA) has taken action against whatever it regards to "misleading" crypto ads in the UK. The independent advertising authority pulled down a slew of crypto-related promos from several large companies on Dec. 15.
Actions Against Misleading Crypto Ads
Coinbase, Kraken, eToro, Exmo, Luno exchange, and crypto broker Coinburp are six of these companies closely tied to the crypto business. Papa John's Pizza had their crypto-related ad pulled down, despite the fact that it is not a crypto firm.
According to the advertising authority, ads from these firms broke its advertising regulations and were therefore prohibited. According to the ASA, the advertising was "irresponsibly exploiting customers' inexperience and failed to highlight the danger of the investment," according to the ASA.
Coinbase Europe's ad, posted on Facebook in July 2021, was one of the most contentious. "According to one excerpt, five pounds in Bitcoin in 2010 would be worth more than 100,000 pounds in January 2021. The advertising indicated "a comparable assured gain in Bitcoin value over the next decade," according to the ASA, which called the campaign "misleading." Furthermore, ASA said that the business "did not make clear that previous success was not always a reference for the future."
In August 2021, a ruling against Kraken operator Payward was applied to a digital poster at London Bridge Station. The ASA is concerned about the ad's 'unreasonably' brief display of a disclaimer, which reads: The danger warning only lasted one second at the start of a 20-second commercial, but we thought it gave the customer a lot of information that they wouldn't read or understand if they saw it at all.
Marketing of Digital Assets
The ASA has already investigated and stopped down marketing using digital assets. The watchdog upheld a complaint against cryptocurrency exchange Coinfloor's commercial in March. The promotion was aimed at pensioners, urging them to invest in digital assets rather than bank accounts. The advertisement was considered "misleading and socially irresponsible" by the ASA.
A Luno exchange Bitcoin campaign advertised on the London Underground and London buses met the same fate. "If you see Bitcoin on the Underground, it's time to purchase," the posters stated. The advertisement only lasted until May.