UK regulator bans 7 crypto ads for misleading consumers

ANKARA

The UK’s Advertising Standards Authority (ASA) on Wednesday banned seven cryptocurrency ads for misleading consumers.

The regulator said the ads were "misleading because it failed to illustrate the risk of the investment" and they were "irresponsible because it took advantage of consumers’ inexperience or credulity."

The ads appeared on popular social media websites, such as Facebook and Twitter, and some included a large crypto exchange platform and a pizza chain.

"£5 in #Bitcoin in 2010 would be worth over £100,000 in January 2021. Don’t miss out on the next decade," one ad read, according to ASA.

Another used keywords such as "Simple and easy to use", "Never been hacked" and "Trusted" under the heading "Unregulated" and a text saying "Buy bitcoin in 5 minutes with as little as £25," said ASA.

The regulator stressed that there was nothing in the ads to inform users that cryptocurrency investment is sophisticated and complex.

"In the absence of any other information to the contrary, we considered that consumers would interpret the ad to mean that investment in cryptocurrency in general was simple and open to those with limited knowledge of the sector," said ASA.