THE Advertising Standards Authority (ASA), the UK advertising agency, has banned seven cryptocurrency advertisements. The action was taken after the entity concluded that the announcements were not clear about the risks of the investments.
The monitoring of cryptoactives, such as the Bitcoin digital currency, is considered one of the main activities of ASA, which establishes the so-called “red alert” for advertisements that pose a risk to the population, in addition to possible punishment.
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The newest seven members to fall under the supervision of the entity were:
- eToro: trading platform for cryptocurrencies and shares.
- Payward: cryptocurrency purse.
- Coinburp: cryptocurrency trading platform.
- Exmo Exchange: cryptocurrency exchange service.
- Coinbase Europe: cryptocurrency exchange platform.
- Papa John’s GB: promotional action on the website of the Papa John’s pizzeria chain.
- Luno Money: cryptocurrency exchange service.
It is noteworthy that the companies were not inspected, only certain advertising actions were analyzed. According to ASA, those responsible were “prohibited for irresponsibly taking advantage of the inexperience of consumers and for not illustrating the risk of the investment”.
Red Alert Purpose
The measures and bans are part of a project, led by ASA, that seeks to guide British advertising with a focus on 2022.
“Cryptoassets are a priority red alert issue for us. Consumers need to know about the risks of investing in cryptoassets and companies must make sure their ads are not misleading or socially irresponsible,” added Miles Lockwood, watchdog’s director of complaints and investigations, for the BBC network.
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