The United Kingdom is the latest country to put an end to misleading cryptocurrency marketing. According to a new Advertising Standards Authority (ASA) ruling , firms are no longer allowed to advertise the “Time to Buy Bitcoin” campaign on buses and the London Underground. In the past, this campaign has been used by a number of cryptocurrency firms, including the controversial Bitconnect. The ASA ruling is based on the fact that the advertisements are misleading and are not clear about the risks of investing in cryptocurrencies.
The UK’s advertising regulator has banned adverts by a cryptocurrency trading platform that claimed to be the “easiest, fastest and safest way to buy, sell and store” Bitcoin and other digital currencies. The Advertising Standards Authority (ASA) said the ads by London-based firm Global Coin Exchange (GCOX) were misleading and should not appear again in their current form. Some of the claims included in the ads were that GCOX was “the fastest way to buy, sell and store cryptocurrencies”, “the cheapest and safest way to buy Bitcoin”, and that GCOX could be used to buy “any cryptocurrency”.(Source: Coindesk)
The UK transportation authority, TFL, has announced that it will begin to prohibit adverts for cryptocurrency on its buses and subway terminals. The reasoning behind this policy stems from the conclusion by the UK’s Advertising Standard Authority (ASA) that ads for bitcoin, ethereum, and similar currencies were misleading and failed to meet the UK’s advertising standards. Specifically, the ASA criticized the ads for promoting the idea that “buying crypto is the fast and easy way to get rich.” While this may be true for some investors, it is not a good option for the majority of investors, and the UK’s ASA concluded that this was not an appropriate message for an ad on public transportation.. Read more about bitcoin price and let us know what you think. The UK’s Advertising Standards Authority (ASA) has banned a bitcoin advertising campaign by crypto currency exchange Luno on the London Underground and buses. According to the British advertising watchdog, the ads are misleading and irresponsible.
Time to buy bitcoin ads banned in UK
A bitcoin advertising campaign on the London Underground and buses has been banned by the UK’s Advertising Standards Authority (ASA). The ads included an image of a bitcoin with the words If you see a bitcoin on the bus, it’s time to buy or If you see a bitcoin on the subway, it’s time to buy. They were installed in February. The ASA reported that it had received four complaints. Three complainants believed that the ad did not illustrate investment risk and disputed that the ad was misleading. One complainant objected that the ad took advantage of consumers’ inexperience or gullibility, the regulator added. We considered that consumers could interpret the statement If you see bitcoin on the subway, now is the time to buy as referring to buying bitcoin as an investment, the ASA confirmed: The ads appeared on the London Underground and buses, i.e. in non-targeted media, and were therefore likely to be seen by consumers who did not have in-depth financial knowledge of or experience with bitcoin and expected bitcoin exchanges to be regulated, with legal protections for investment activity. Luno’s Bitcoin ads in the London Underground. Source: ASA We recognised that neither Luno nor the bitcoin market is generally regulated in the UK and so consumers cannot turn to services such as the Financial Services Compensation Scheme or the Financial Ombudsman Service for help, the ASA said, adding: Consequently, we concluded that the advertisement was misleading. The agency also stated: We found that consumers interpreted the Time to Buy statement as a call to action, and the simplicity of the statement makes it seem like investing in bitcoin is easy and affordable. However, the advertising watchdog said that investing in bitcoin is complex and volatile and can expose investors to losses, and found that this contradicted the impression given by the ads that investing is easy and mundane. The agency then detailed: We concluded that the ads irresponsibly assumed that investing in bitcoin through Luno was simple and easy, especially since the audience they targeted, the general public, likely had no experience understanding cryptocurrencies, and therefore violated the Code. Luno Money Ltd, the company that placed the ad, told the ASA that the ad will no longer appear in the offending form, adding that its future ads will include an appropriate risk warning. What do you think of the ASA’s reasons for banning this bitcoin advertising? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The United Kingdom is banning advertisements for cryptocurrency on the London Underground and other public transport networks. Why? Because they’re potentially misleading. The move comes after the UK’s Advertising Standards Authority (ASA) investigated a series of “Time to Buy Bitcoin?” ads that were spotted around London. The government-funded body told Reuters in a statement that it has now established that the ads are misleading.. Read more about crypto ban uk and let us know what you think.
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