UK Advertisement Regulator Puts Crypto on ‘Red Alert’ Priority
- The agency is considering clamp down on Bitcoin ads on online and social media platforms.
The UK advertising regulatory, the Advertising Standards Authority (ASA), is preparing a crackdown on the marketing tactics of cryptocurrency companies for publishing misleading advertisements.
According to a Financial Times report on Friday, the agency has put a ‘red alert’ priority on crypto advertising.
“We see this [cryptocurrency ads] as an absolutely crucial and priority area for us,” Miles Lockwood, Director of complaints and investigations at ASA, told the British publication. “Where we do find problems, we will crack down hard and fast.”
The ASA will focus on the ads running on the online and social media platforms and will push to take down misleading and irresponsible promotions.
Misleading Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Ads
The number of crypto ads ballooned with the price rally of Bitcoin. Many cryptocurrency exchanges are running multi-million dollar advertisement campaigns, both online and offline, to lure new crypto investors to their platforms.
The British watchdog started taking down Bitcoin ads earlier this year with the ban on Coinfloor’s print ad in a regional newspaper, calling it ‘misleading’ and ‘socially irresponsible’. Moreover, the regulator took down a massive ad campaign ran by crypto exchange Luno on London tube stations and buses.
Luno’s ad stated: “If you’re seeing Bitcoin on the Underground (on a bus), it’s time to buy.” However, the ASA pointed out that the ads did not display any risk warnings, thus underplaying the risks associated with Bitcoin investments.
Interestingly, both these actions were taken following complaints against the ads received by the ASA. However, it is not clear if the regulatory body will start taking on Bitcoin and other cryptocurrency ads by itself or if citizens still need to raise the flag.
“We do recognize that there are some types of media that we haven’t been able to address fully until now,” said Louise Maroney, Head of ASA’s Financial Complaints Division.
Meanwhile, the FCA issued multiple warnings on the investment risks of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, but the number of UK adults holding cryptocurrencies spiked to 2.3 million.
The UK advertising regulatory, the Advertising Standards Authority (ASA), is preparing a crackdown on the marketing tactics of cryptocurrency companies for publishing misleading advertisements.
According to a Financial Times report on Friday, the agency has put a ‘red alert’ priority on crypto advertising.
“We see this [cryptocurrency ads] as an absolutely crucial and priority area for us,” Miles Lockwood, Director of complaints and investigations at ASA, told the British publication. “Where we do find problems, we will crack down hard and fast.”
The ASA will focus on the ads running on the online and social media platforms and will push to take down misleading and irresponsible promotions.
Misleading Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Ads
The number of crypto ads ballooned with the price rally of Bitcoin. Many cryptocurrency exchanges are running multi-million dollar advertisement campaigns, both online and offline, to lure new crypto investors to their platforms.
The British watchdog started taking down Bitcoin ads earlier this year with the ban on Coinfloor’s print ad in a regional newspaper, calling it ‘misleading’ and ‘socially irresponsible’. Moreover, the regulator took down a massive ad campaign ran by crypto exchange Luno on London tube stations and buses.
Luno’s ad stated: “If you’re seeing Bitcoin on the Underground (on a bus), it’s time to buy.” However, the ASA pointed out that the ads did not display any risk warnings, thus underplaying the risks associated with Bitcoin investments.
Interestingly, both these actions were taken following complaints against the ads received by the ASA. However, it is not clear if the regulatory body will start taking on Bitcoin and other cryptocurrency ads by itself or if citizens still need to raise the flag.
“We do recognize that there are some types of media that we haven’t been able to address fully until now,” said Louise Maroney, Head of ASA’s Financial Complaints Division.
Meanwhile, the FCA issued multiple warnings on the investment risks of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, but the number of UK adults holding cryptocurrencies spiked to 2.3 million.