The UK’s Advertising Standards Authority (ASA) has issued a “red alert” guide on cryptocurrency ads.
Bloomberg‘of March 22 According to the news dated BATONwhich advertises cryptocurrency services to more than 50 companies to make sure they follow the new guideline recommending that they review their advertisements issued a sanction notice. The ad organizer is not aware that the guide was previously subject to ASA rules in the country. 50 companies Said it covered them all. Among these companies Coinbase, eToro, Luno and Crypto.com is located.
BATON In his statement on the subject;
This is a priority issue that is a red alert for us. We have recently banned several crypto ads for misleading consumers and being socially irresponsible.
made statements.
New guide, advertisers Crypto is not regulated in the UK and “that the value of investments is volatile and may lose value.” requires it to be stated explicitly. The guide also includes the advertisements “does not indicate that investment decisions are trivial, simple, easy, or suitable for everyone“, “does not create a sense of urgency or fear of missing out (FOMO) to buy” or “does not imply that the investments are low risk” was required.
To ensure that companies advertising crypto services meet this directive, 2 May have expiration dates. Incompatible ads after this dateUK Financial Conduct Authority (FCA) will be reported to the financial monitor.
FCA, January after additional powers were given by the government to regulate the sector in plans to tighten surveillance of crypto advertising had announced.