The Advertising Standards Authority (ASA), the UK’s independent advertising regulator, has recently banned seven different cryptocurrency adverts after concluding that the companies behind them had irresponsibly taken advantage of and misled consumers.
The ASA has released a statement on crypto-assets in which it highlights concerns over:
- lack of appropriate risk warnings;
- the trivialisation of investments in cryptocurrency;
- ads taking advantage of consumers’ inexperience or incredulity; and
- irresponsible advertising (for example, creating a sense of urgency to invest).
We can expect to see some new guidance on cryptocurrency advertising in the near future as the ASA has confirmed it is a ‘red alert’ priority issue: watch this space!
The Advertising Standards Authority (ASA) says monitoring cryptoassets, like Bitcoin, is a "red-alert priority" following concerns that many ads fail to fully convey the risks of investing.
https://www.bbc.co.uk/news/technology-59638313
