In its latest attempt to limit advertising in the crypto industry, the Advertising Standards Authority (ASA) of the United Kingdom has banned two adverts from Crypto.com.
The two adverts ran in the Love Balls game and the Daily Mail app in July and September 2021, respectively.
The first was about crypto interest earnings rates, and the second was about buying bitcoin instantly using a credit card.
Ads on Crypto.com slammed
Both Crypto.com’s “ads were misleading since they failed to explain the risk of the investment,” according to the ASA, as well as “were irresponsible and took advantage of consumers’ inexperience or naivety.”
It also argues that the advertisements mislead viewers because they “failed to make apparent constraints to acquiring cryptocurrencies with a credit card,” as well as that the interest profits rate was unjustified and the calculation technique was not made plain.
https://www.youtube.com/watch?v=NAzylUt2_Ik
The adverts on Crypto.com had been withdrawn, according to the company’s response. It further argued that the advertising was intended to promote the “speed with which users may buy cryptocurrencies on their platform,” rather than being advertisements in the traditional sense.
The Advertising Standards Authority has upheld its ruling and will not allow the commercials to reappear in the same style.
The authorities have been paying close attention to the crypto field, and this recent measure appears to be part of a larger plan to combat harmful crypto marketing.
Increasing the number of regulations
ASA has been increasingly active, announcing that it will make crypto ad monitoring a “red-priority issue.”
The United Kingdom has been progressively increasing its emphasis on the cryptocurrency business, with the FCA issuing warnings about crypto marketing on social media platforms.
The FCA feels that crypto marketing requires more stringent regulation, and has taken a number of initiatives in that direction.
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