In Brief:
- The Advertising Standards Authority has banned the promotion of two ads from crypto.com.
- The authority considered ads as ‘misleading’ and ‘irresponsible’.
- The ads were taking advantage of customers’ “inexperience or credulity”
U.K’s Advertising regulatory authority, the Advertising Standards Authority (ASA) has identified two ads from Crypto.com as ‘misleading’ and ‘irresponsible’ and put a ban on their promotions.
One of these two ads was published in the Daily Mail Newspaper/ App on 1st September under the title “Buy Bitcoin with credit card instantly.” while the second one was posted on Love Balls app on July 30, in which the publisher wrote “Earn up to 3.5% p.a,”, while the number was wrongly printed to ‘8.5%’.
According to the marketing watchdog, this was misleading and manipulating as false information of crypto would attract customers. Profits in crypto assets totally depend on the type of crypto and the length of the term.
Moreover, ASA’s expectations with these ads didn’t match as these promotions failed to show that crypto is not in the regulated assets category in the U.K. ASA said that these promotions were taking advantage of customers’ “inexperience or credulity”.
This is not the first time when the crypto exchange was mocked by U.K authorities. Last month, the regulatory authority condemned Coinbase, eToro, and Luno for benefiting from consumers’ inexperience.
It seems like the U.K authorities are not happy with the crypto expansion and movements in the country. Last month, ASA has takedown fan tokens’ promotion of the soccer club, Arsenal.
