The ASA (Advertising Standards Authority) has removed some crypto-related ad campaigns that promote various major industry firms. On December 15, the UK’s advertising watchdog issued some rulings on ad violations that involved six cryptocurrency-related firms. These firms include Exmo, Coinbase, Coinburp, eToro, Luno, and Kraken crypto exchange. The same ruling was issued to pizza chain Papa John’s.
The ASA banned these ads for “irresponsibly taking advantage of consumer’s inexperience and for failing to illustrate the risk of the investment,” the rulings said.
According to the ASA, the European branch of Coinbase displayed a “misleading” promotion on its Facebook ad in July 2021. Also, there was a text stating that, by January 2021, five pounds in Bitcoin in 2010 would worth more than 100,000 pounds.
ASA maintained that the ad indicated there would be a similar increase in the value of Bitcoin over the next ten years. Also, Coinbase in Europe didn’t clarify that past performance wasn’t necessarily going to determine the future.
The ASA’s ruling issued to Kraken was related to a digital poster sighted at London Bridge station in August 2021. The authority maintained that the ad didn’t have a proper risk warning. The ruling reads:
“The risk warning only ran for one second at the beginning of a 20-second ad and we considered it presented the consumer with a large amount of information that would not be fully read or understood even if it was seen at all.”
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Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.