UK Advertising Watch bans crypto ads from Coinbase and Kraken

The UK's independent advertising regulator, the Advertising Service (ASA), has banned cryptocurrency advertising for businesses in many key markets.

On December 15, the agency announced several resolutions for the illegal publication of six cryptocurrency companies linked to: Coinbase, Kraken, Itoro, Exmo, cryptocurrency broker Coinbuff and Luno. ASA has placed a similar order for the Papa John pizza chain.

The above mentioned advertising and marketing are prohibited because advertising "recklessly exploits the shortcomings of consumers and excludes risky investments".

The ASA estimates that Coinbase's European affiliates specifically launched a Facebook payments' scam 'ad that was announced in July 2021. It reads,' £ 5 bitcoins in 2010 worth over £ 100,000 in January 2021. GBP ".

Executives said the announcement "indicates that the value of Bitcoin will continue to grow in a similar fashion over the next ten years." The ASA noted that Coinbase Europe "does not guarantee that its past performance is inconsistent with its future forecasts."

Another ASA ruling against operator Kraken paid for the digital Kraken ad at London Bridge station in August 2021. Administration believes the ad does not have any dangerous alerts because the alerts are only issued "one second".

The ruling states that “the alarming warning is only issued for one second in the first 20 seconds of the broadcast. Although it seems to provide too much information to consumers. , they will not be able to read or understand. "

The ASA actively monitors and prohibits advertising in cryptocurrencies.

In May, ASA banned the publication of another Luno exchange ad. The announcement was made to London City Bus and London Bus this year, and the announcement features photos of Bitcoin: "If you see Bitcoin on the Tube, it's time to buy it." .