Several cryptocurrency advertisements, including those from Papa John’s Pizza, Coinbase, Kraken, Etoro, and Luno, have been banned by the UK Advertising Standards Authority. The advertising is misleading and irresponsibly taking advantage of customers’ inexperience, according to the authority.
The UK’s independent advertising body, the Advertising Standards Authority, has knocked down a new series of cryptocurrency-related commercial adverts representing a number of important sector companies.
The ASA urges crypto firms to make it very clear that past crypto rally situations do not promise future results.
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The Advertising Standards Authority banned 7 cryptocurrency advertisements on Wednesday. Papa John’s Pizza, Kraken, Coinbase, Etoro, Coinburp, Luno, and Exmo are among the companies featured in the advertising.
The seven advertising or promotions were banned, according to the judgments, for irresponsibly exploiting customers’ inexperience and failing to demonstrate the risk of the investment.
The ASA directed in all cases: “The ads must not appear again in the form complained about,” in addition to offering detailed advice to each company on how to comply with its advertising guidelines in the future.
The Papa John’s Pizza advertisement was a campaign on the company’s website and Twitter account. In May, the well-known pizza business began giving away bitcoin with purchases. The firm advertised “free bitcoin worth £10.” Customers who spend £30 or more on crypto exchange Luno will save £15 and receive £10 in bitcoin.
Coinbase’s ad was a paid Facebook advertisement. “£5 in bitcoin in 2010 would be worth over £100,000 in January 2021,” the text continues. Don’t lose out on the next ten years – sign up for Coinbase now.”
Luno’s commercial appeared on the Daily Mail Online app as an in-app ad. It stated, “Invest in crypto for as little as £1.” The ASA had previously had issues with Luno advertisements. In May, the government barred the exchange’s “Time to Buy” bitcoin advertisements from being displayed on London buses and subways.
A digital advertisement for Payward’s crypto exchange, Kraken, was spotted at London Bridge station. It stated, “Buy 50+ crypto in minutes,” among other things. “Begin with as little as £10” and “Create digital wealth and buy crypto on the move.”
Etoro’s ad appeared on the Yahoo Finance page as a paid display ad. “With only one click, invest in the world’s top cryptos,” it added.
Exmo’s commercial was a video on Paul Lucas’s Wingin’ It! YouTube channel. The video’s statement states, “Get Exmo immediately now and save a tonne of money on trading fees.” Exmo has been granted a temporary license to engage in crypto-asset activities.”
A Twitter page for crypto trading platform Coinburp was the sixth ad blocked on Wednesday, with a bio section that read: “Register in minutes, deposit instantaneously, then make super-easy and secure crypto transactions.”
The ASA’s new regulatory actions follow a series of similar judgments earlier this year, as the body has been actively tracking down and shutting down misleading cryptocurrency advertisements.