Working as the UK’s advertising control mechanism Advertising Standard Authority (BATON), in Coinbase 50 of the world’s largest cryptocurrency exchanges, such as cryptocurrency issued a warning against the company.
UK Challenges Cryptocurrency Companies
ASA has previously warned various cryptocurrency companies and projects about their ads. Now, it is seen that the institution has consolidated this negative attitude.
The ASA warned such organizations not to encourage individuals to purchase digital assets with credit cards or exchange their pensions for cryptocurrencies such as bitcoin.
British authorities and financial regulators are known for their tough stance on the cryptocurrency industry, and ASA has proven it once again. Bank of England Governor Andrew Bailey recently stated that cryptocurrencies have no intrinsic value, emphasizing that those who invest in it should be ready to lose everything.
Nikhil Rathi, CEO of FCA, also emphasized that cryptocurrencies are mostly used for crime. ASA, on the other hand, issued a rather negative opinion on the subject on March 22. ASA has issued notices to more than 50 cryptocurrency companies, emphasizing that their advertising policies are beyond what they should be.
The cryptocurrency advertising frenzy in the UK has attracted the attention of regulators, and the misleading advertisements of projects such as Floki Inu are affecting the entire industry.