Just-in: UK advertisement watchdog bans two crypto.com ads
UK’s advertisement watchdog called Advertising Standards Authority (ASA) has banned two crypto advertisements from crypto.com. The two advertisements in question are in-app ads, i.e people who have searched for a crypto-related keyword might see it while using any other app. The first ad encouraged users to buy Bitcoin using credit cards and the second card advertised crypto interest rates.
The ASA shared five major concerns surrounding these advertisements and shared the same with Forisgfs UK Ltd—trading as Crypto.com. The major notion around all the five concerns was unclarity around the risk involved with the investment. The ASA showed special concern towards how crypto ads often leave out the key factor around the risks and volatility. The five concerns outlined by ASA include:
- The advertisements were deceptive because they neglected to convey the investment’s risk.
- The advertisements were inappropriate and exploited consumers’ inexperience or credulity.
- The Daily Mail ad was deceptive since it neglected to specify the constraints of buying cryptocurrency with a credit card.
- “Earn up to 8.5 percent” was a deceptive claim.
- The claim “earn up to 8.5%” could be substantiated.
Crypto advertisements have become a growing concern for regulators
This would be the second crackdown by the UK watchdog on the crypto advertisement, earlier in 2021, the ASA has also taken exception to a Shiba Inu advertisement on London tube. However, misleading crypto advertisements have become a concern around the globe.
Last year India also saw a slew of court cases against crypto advertisements that were running during the last IPL cricket tournament. Delhi High Court had issued a notice to the government seeking formalized guidelines and proper disclaimer for these advertisements. Later, the Board of Control for Cricket in India also prohibited the League team from forming any new partnership with crypto platforms until clear regulations are set in place.
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