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The British advertising regulator has banned multiple cryptocurrency advertisements, including advertisements for Papa John’s Pizza, Coinbase, Kraken, Etoro and Luno. The authorities stated that these advertisements are “misleading” and “irresponsibly take advantage of consumers’ lack of experience.”
7 encrypted ads banned by the British authorities
The Advertising Standards Agency (ASA) banned seven cryptocurrency advertisements on Wednesday. These ads apply to Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp and Exmo.
After evaluation, the British advertising regulator stated that these advertisements were “misleading” and “irresponsibly used consumers’ lack of experience and failed to account for investment risks”.
In addition to providing each company with specific instructions on what they must do in the future to comply with their advertising standards, the ASA also orders in all cases:
The advertisement may not reappear in the form of a complaint.
Papa John’s Pizza ads are promotional activities carried out on its website and Twitter.The famous pizza chain is Give away bitcoin With the purchase of May. The company promotes “free bitcoin worth 10 pounds”. With a purchase of 30 pounds or more, the customer will save 15 pounds and receive 10 pounds worth of bitcoins from the cryptocurrency exchange Luno.
Coinbase’s ads are Facebook paid ads. It contains the text: “The value of 5 pounds in 2010 in Bitcoin will exceed 100,000 pounds in January 2021. Don’t miss the next decade-start using Coinbase today.”
Luno’s ads are in-app ads seen in the Daily Mail Online app. It contains text stating: “Invest in cryptocurrency as low as 1 pound.” This is not the first time ASA has encountered Luno’s advertising problems.authority prohibit In May, the exchange advertised “buy time” bitcoins on London buses and subways.
Payward’s advertisement is a digital poster of its cryptocurrency exchange Kraken, which appeared at London Bridge Station. It includes the following text: “Buy more than 50 cryptocurrencies in minutes”, “You can start using it for just £10” and “Build digital wealth and buy cryptocurrencies anytime, anywhere”.
Etoro’s ads are paid display ads on the Yahoo Finance website. It contains text stating: “Invest in the world’s top cryptocurrencies with one click.”
Exmo’s ad is a video about Wingin’ It! Paul Lucas Youtube channel. The description of the video has a text caption: “Download Exmo now and save trading commissions! Exmo has been temporarily registered to carry out crypto asset activities.”
The seventh ad that was banned on Wednesday was the Twitter page of crypto trading platform Coinburp, which included a profile section that stated: “Sign up within a few minutes, deposit immediately, and then conduct super simple and secure crypto transactions.”
In November, ASA roll out Investigation of the cryptocurrency floki inu (FLOKI) advertisement. The ad headline “Miss the Governor? Get Floki,” appeared on London buses and subways.
What do you think of the UK Advertising Agency’s ban on encrypted advertising? Please let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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