Coinbase’s Banned Ad in UK Proves Boon for the Exchange With Streisand Effect

Coinbase’s daring “Everything is Fine” advertisement is doing all that a web3 brand’s PR and Communications team could have ever asked for.

The ad which went live on July 31 has become the talk of the town and has earned scathing criticism and appreciations alike. Within 4 days of its debut, the ad got banned by UK’s Advertising Standards Authority (ASA) citing “insufficient disclosures about cyptocurrency volatility.”

However, far from fading into obscurity, the ban thrust the ad into a viral cyclone. It has ended up earning Coinbase more attention than any paid campaign in recent memory – the so-called Streisand Effect in action.

This is evident from the millions of people switching online to watch the now “controversial ad”. On August 4, when the ad got banned, the official @coinbase post of the video drove the #EverythingIsFine to become a Top 1 trending topic in the UK. The original X post received over 5 000 retweets and 20000 likes in its first 72 hours itself.

How Coinbase’s Ad Caused Streisand Effect?

Coibase’s two-minute satirical musical spot uses a creative spot. It juxtaposed an upbeat chorus and jaunty music with stark visuals of Britain’s cost-of-living pressures. It sarcastically showcases employees singing “everything is fine” despite being stranded in leaking ceilings, overflowing bins, rats in the streets, unaffordable food prices, job losses, cramped housing and delivery-driver gigs.

The final frames pivot to the tagline “Maybe it’s time for something new,” before a prompt to visit Coinbase’s website.

Within five days of posting on YouTube, i.e., from July 31 – Aug 5, the ad amassed 109 000 views. This far exceeded engagement on past Coinbase campaign videos.

The Almost Expected Effect

This is where the Streisand effect came into play in real time. The Streisand Effect is a social-media phenomenon in which efforts to suppress or censor information inadvertently draw far more attention to it.

Any attempt to hide, remove, or restrict access to a piece of information instead of curbing leads to widespread public interest in that very information. Coinbase’s ad after being banned saw its distribution being accelerated on all the social media platform – from Linkedin, Reddit to X – with leading VCs and founders offering their opinions.

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Community Reaction – A PR Win or Charged Marketing Strategy?

While some called the ad campaign a fierce win against the regulators, few criticised the campagin for relying on “negative emotions” and offering only crypto as the everything solution.

Appreciating the exchange, Conrad Young, Paragon founder said, “If you’re positioning yourself as the rebel brand trying to modernise the system, clashing with outdated regulators and legacy institutions, having your call to arms pulled from broadcast is about as validating as it gets.”

Detailing this new “marketing strategy” adopted by Coinbase, Cassian Horowitz, Head of Strategic Communications at UK Prime Minister’s office said, ” We’re seeing a new dynamic where regulatory rejection becomes the marketing strategy. Where the conversation is about the making of the ad, not the ad itself. A world where everyone is so politically-charged, content is secondary; the alignment of the company and its leaders is what really interests people.”

Calling it the “most depressed ever ad seen”, Andrew Tindall at London-based ad agency, System1 said, ” The most depressing ad I’ve seen in a while and asked if “rage can actually help in growing brands?”

The debates about its negative and positive connoctations are still ongoing. While the ad will not air on ITV or Sky, its YouTube, Instagram, and Facebook posts continue to rack up views, comments, and shares.

Thus, Coinbase’s misfire may well be its most effective marketing gambit. It has indeed proven that sometimes, the best publicity is no publicity at all.

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