Crypto ads: UK regulator bans seven companies from floating adverts

Crypto ads

TL; DR Breakdown

  • UK ads regulator bans seven companies from floating crypto ads
  • Coinbase and Papa Johns Pizza are the top two investment
  • The UK regulator continues to crack down on crypto ads

In the last few years, the advertising watchdog of the United Kingdom, the Advertising Standards Authority, has been trying to rid the country of excessive crypto ads. This is because the regulator believes that the promoters of these ads are bringing in customers with something they have no control over. One example is the number of profits in the ads which the ads regulator has termed unrealistic. In a rather decent move to cushion the effects of these types of ads, the UK ad watchdog has banned crypto ads from several companies across the state.

Coinbase and Papa Johns Pizza lead the list

According to records, the UK ads regulatory body confirmed that it had banned about seven companies from floating crypto ads. Crypto exchange Coinbase, Coinburp, EToro, Exmo are a few of the involved companies. Asides from the crypto exchange, the regulator also announced that Papa Johns Pizza has also been banned from floating any crypto-related ads in the country subsequently.

The regulator always believes that these ads are putting users and consumers in harm’s way through their misleading nature. The body believes that most companies are trying to use the ads to take advantage of their customer’s naivety about how the market works. It also mentioned that these companies behind the ads have failed to explain the risks of dabbling in digital assets to users. The UK ASA noted that it has spelled out guidelines to the companies involved if they want to put up another ad but has banned floating ads the way they did.

The UK ads regulator continues crackdown on crypto ads

In Papa John’s case, it gave away free Bitcoin with an amount of Pizza that an individual will buy while putting up its ads on social media. Going by its ads, the company says it would award any customer that buys its £30 pizza with £10 in Bitcoin. Coinbase’sCoinbase’s ad invited users not to miss out on the gains that Bitcoin had to offer going into the future.

Luno, in its ad, asked users to invest in leading digital asset Bitcoin and reap massive rewards. The similarity with most of these ads was that they were either put on social media or the firm’s official website for everyone to see. Beforehand, the UK ASA had been involved with Luno over its crypto ads at the underground bus station. Some weeks ago, the UK ad regulator announced that it had launched an inquiry into the Floki Inu crypto ads plastered all over the buses in the underground station.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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