UK’s Advertising Standards Authority (ASA) is pulling the trigger and banning seven crypto ads. The ads are for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo. The authority says the ads are “misleading” and “irresponsibly taking advantage of consumers’ inexperience.”
UK ASA’s Crypto Ads Ban
ASA made their stance loud and clear and even warned the companies involved that “the ads must not appear again in the form complained about.”
The advertising watchdog didn’t even spare Papa John’s. The America pizza restaurant chain ran a loyalty campaign on its website and Twitter. Basically, it gave away Bitcoin for purchased inMay. The company advertised “free bitcoin worth £10.” With a purchase of £30 or more, customers would save £15 and get £10 worth of bitcoin from crypto exchange Luno.
So should the crypto community worry about this? In hindsight, this is actually good news because regulators are now taking the time to police crypto ads because they recognize the market significance. Ultimately, users stand to benefit from this move. Now, someone’s looking over their shoulder so they don’t fall for the hype.
More About the Ban
Meanwhile, ASA called out Coinbase for the verbiage in its Facebook ad. The text in question reads: “£5 in bitcoin in 2010 would be worth over £100,000 in January 2021. Don’t miss out on the next decade – get started on Coinbase today.”
Then, Luno’s ad was an in-app ad seen within the Daily Mail Online app. It included text which states: “Invest in crypto for as little as £1.” This is actually their second offense after the authority banned their “Time to Buy” bitcoin ads on London buses and the underground in May.
Payward’s ad was a digital poster for its crypto exchange, Kraken, at London Bridge station. Three particular phrases got them in trouble:
- Buy 50+ crypto in minutes
- Get started with as little as £10
- Build digital wealth and buy crypto on the go.
ASAEtoro’s paid display ad on the Yahoo Finance website. It included text which states: “Invest in the world’s top cryptos with one click.”
Exmo’s ad was a video on the Wingin’ It! Paul Lucas Youtube channel. ASA didn’t approve the video’s description. “Download Exmo now and save loads on trading commissions! Exmo has been given temporary registration to carry out crypto-asset activities.”
Lastly, a Twitter page for crypto trading platform Coinburp. It has a bio section which states: “Register in minutes, deposit instantly, then make super-easy and secure crypto trades.”