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UK advertising watchdog bans crypto ads for Coinbase and Kraken

UK advertising watchdog bans crypto ads for Coinbase and Kraken

The Advertising Standards Authority, or ASA, the United Kingdom’s independent ising regulator, has taken down another batch of cryptocurrency-related campaigns promoting several major industry firms.

On Dec. 15, the ising watchdog issued several rulings on violations involving six crypto-related firms including Coinbase, Kraken, eToro, Exmo, crypto broker Coinburp and Luno crypto exchange. The ASA also issued a similar ruling for pizza chain Papa John’s.

All seven s or promotions were banned for “irresponsibly taking vantage of consumers inexperience and for failing to illustrate the risk of the investment,” the rulings said.

The ASA argued that Coinbase’s European branch specifically put out a “misleing” promotion on its paid Facebook in July 2021, including a text stating “five pounds in Bitcoin in 2010 would be worth over 100,000 pounds in January 2021.”

According to the ising regulator, the “implied there would be a similar guaranteed increase in Bitcoin value over the next dece.” Coinbase Europe also “did not make clear that past performance was not necessarily a guide for the future,” the ASA noted.

Another ASA’s ruling was against Kraken operator Payward, related to a digital poster for Kraken seen in August 2021 at London Bridge station. The watchdog argued that the lacked a proper risk warning as a risk disclaimer was only shown “for one second.”

“The risk warning only ran for one second at the beginning of a 20-second and we considered it presented the consumer with a large amount of information that would not be fully re or understood even if it was seen at all,” the ruling res.

Related: UK politicians say cryptocurrency is ‘not an investment’

The latest regulatory moves by ASA join a number of similar rulings me earlier this year as the authority has been actively hunting and shutting down misleing crypto s.

In May, the ASA took down another campaign by Luno exchange. The was shown across the London Underground network and on London buses this year, with posters including an image of Bitcoin saying: “If you’re seeing bitcoin on the Underground, it’s time to buy.” The regulator previously banned an campaign by Coinfloor exchange.

ARTICLE: UK ising watchdog bans crypto s for Coinbase and Kraken
PUBLISHED: 2021-12-15 16:30:00 
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