The Advertising Standards Authority, or ASA, the UK’s independent advertising regulator, has released another series of cryptocurrency-related videos promoting large industrial companies.
On December 15, AdWatchdog filed several lawsuits alleging ad breach by six crypto-related companies, Coinbase, Kraken, eToro, Exmo, crypto broker Coinburp and Luno Crypto Exchange. . The ASA has issued a similar order on Papa John’s Pizza Chain.
The court ruled that all seven ads or advertisements were prohibited “for the lack of liability for customer satisfaction and for the ignorance of the risks involved in investing.”
ASA confirmed that European ally Coinbase advertised “fraudulent” advertising on Facebook payroll in July 2021, “costing five kilograms of bitcoin in 2010 to 100,000 kilograms by January 2021.”
According to the ad regulator, the ad says “the value of bitcoin will definitely increase in the next decade.” Even Coinbase Europe has not made it clear that past performance should not be a guide to the future, ASA noted.
Another ASA ruling against Kraken Operator Peward relates to Kraken’s digital poster found at London Bridge Station in August 2021. The guards asserted that the denial of the accident was “not sufficiently advertised to warn of the potential danger as it was only shown to one. Second.”
“The potential hazard warning is only one second from the start of the 20-second ad, and we thought consumers were given enough information that they could not read it or understand it even if it was viewed,” the order said. Read More
Related: UK politicians say cryptocurrency is ‘no investment’
The ASA’s recent legal action is accompanied by a number of similar orders issued earlier this year, as authorities detected and shut down fraudulent crypto ads.
In May, ASA launched another advertising campaign run by the Luno Exchange. This year’s ad is shown on the entire London Underground network and on London buses, with the poster with the image of Bitcoin: “If you find Bitcoin underground, it’s time to buy it. “The former regulator has banned the advertising promotion of the Coinfloor Exchange.