{"id":406,"date":"2021-12-17T16:07:12","date_gmt":"2021-12-17T16:07:12","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=406"},"modified":"2021-12-17T16:07:13","modified_gmt":"2021-12-17T16:07:13","slug":"uk-watchdog-bans-seven-crypto-ads-failing-to-highlight-potential-trading-risks","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=406","title":{"rendered":"UK watchdog bans seven crypto ads failing to highlight potential trading risks"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>In a bid to promote ethical crypto trading in the country, the UK\u2019s advertising watchdog has banned seven cryptocurrency advertisements of leading crypto companies due to their inability to \u201cillustrate the risk of the investment.\u201d<\/p>\n<p>Leading crypto companies such as Etoro, Exmo, Coinburp, and Luno had to face ASA\u2019s crackdown for:<\/p>\n<p>\u201cIrresponsibly taking advantage of consumers\u2019 inexperience\u201d and failing to explain the potential risks associated with cryptocurrency trading.\u00a0\u00a0<\/p>\n<h2>ASA\u2019s crackdown on crypto companies<\/h2>\n<p>This is not the first time when ASA had imposed an outright ban on crypto ads failing to highlight crypto investment risks. The UK watchdog had earlier banned Floki Inu advertisements quoting \u201cirresponsible promotion.\u201d<\/p>\n<p>The seven crypto ads banned were mostly produced by crypto companies themselves in a bid to attract more users. This was the case for Coinburp, Luno, Exmo, and Etoro. However, ASA also banned marketing campaigns of ad firms Europe and Payward for displaying ads for American crypto exchanges Coinbase and Kraken.\u00a0<\/p>\n<p>In Kraken\u2019s case, a complaint was filed due to a digital poster that the exchange had put up in the London underground station. Even though the exchange had issued a disclaimer with the advertisement, ASA was quick to conclude that \u201cconsumers would not have had the time to comprehend the relevant information in the disclaimer, if seen at all, and that it, therefore, was not clear.\u201d\u00a0<\/p>\n<p>Another case related to Papa John\u2019s pizza also drew criticism from ASA for promoting \u201cfree Bitcoin\u201d on pizza purchases. ASA found the offer \u201ctrivializing\u201d and concluded that it may cost investors their money.\u00a0<\/p>\n<h2>UK watchdog considers crypto ads as a red alert priority issue<\/h2>\n<p>Advertising Standards Authority further stated that monitoring crypto ads are their \u201cred alert priority issue\u201d to protect investors against any investment scams.<\/p>\n<p>According to ASA\u2019s director of complaints and investigation Miles Lockwood, \u201cConsumers need to know about the risks of investing in crypto-assets, and companies should make sure that their ads aren\u2019t misleading or socially irresponsible by taking advantage of consumers\u2019 lack of awareness around these complex and volatile products.\u201d\u00a0<\/p>\n<p>In light of recent events concerning misleading crypto advertisements and promotional deals, ASA plans to update its guidance policy next year to practice strict supervision. Moreover, ASA said that it will continue to monitor and review crypto ads, along with investigating advertisements related to fan tokens and NFTs.\u00a0<\/p>\n<p>Posted In: U.K., Regulation <\/p>\n<p><h2>CryptoSlate Newsletter<\/h2>\n<\/p>\n<p>Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.<\/p>\n<h2>Get an edge on the cryptoasset market<\/h2>\n<p>Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/uk-watchdog-bans-seven-crypto-ads-failing-to-highlight-potential-trading-risks\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a bid to promote ethical crypto trading in the country, the UK\u2019s advertising watchdog has banned seven cryptocurrency advertisements of leading crypto companies due to their inability to \u201cillustrate the risk of the investment.\u201d Leading crypto companies such as Etoro, Exmo, Coinburp, and Luno had to face ASA\u2019s crackdown for: \u201cIrresponsibly taking advantage of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=406"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/406\/revisions"}],"predecessor-version":[{"id":408,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/406\/revisions\/408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/407"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}