The seven companies whose ads were deemed to have broken the Advertising Standards Authority’s (ASA) rules. The Advertising Standards Authority said the ads were “banned for irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment.”The majority of the banned ads were put out by crypto exchanges and crypto trading platforms.
The companies whose ads were found to have broken the rules were:
- Coinburp: A Twitter page for Coinburp, a cryptocurrency trading platform.
- eToro (UK): A paid-for display ad for eToro, a stocks and cryptocurrency trading platform.
- Payward: A digital poster for Kraken, an online cryptocurrency exchange.
- Exmo Exchange: A YouTube video promoting cryptocurrency exchange Exmo
- Luno Money: An in-app ad for Luno, a cryptocurrency exchange service.
- Coinbase Europe: A paid-for Facebook ad for Coinbase, a cryptocurrency exchange platform.
- Papa John’s GB: A promotion on the Papa John’s pizza restaurant chain’s website and in a Twitter post.
The ASA warned companies about taking advantage of consumers’ lack of awareness around these “complex and volatile products”. There were no fines issued on this occasion, only warnings that future ads must include details that make clear that the value of investments in cryptocurrency could go down as well as up and that cryptocurrency is unregulated in the UK.