The UK’s ad watchdog called crypto ads a “red alert” and banned seven crypto ads.
eToro, CoinBurp, EXMO, Luno, Kraken, Coinbase exchanges and pizza chain Pope Josh’s companies’ ads were banned for violating the Advertising Standards Authority (ASA) rules.
Regulators said that they follow crypto advertisements and will create a special guide that will cover the decisions they will take as a result of their observations in 2022. The ASA stated that it will also oversee fan tokens and NFTs.
Among the rules violated in advertisements “consumers Dexploiting their inexperience and naivete, failing to show the risks of investment, and making misleading claims about bitcoin’s future return. is located.
ASA, companies “Products “complex and volatile” Don’t try to take advantage of consumers’ lack of knowledge about what’s going on,” he warned. While the companies were not penalized, the relevant ads were removed. Companies also for future advertising explaining that cryptocurrencies can gain or lose value and stating that cryptocurrencies are not regulated in the UK conditions were met.