British Regulator Bans Ads For Coinbase And Three Other Crypto Exchanges

The UK Advertising Standards Authority has identified violations in the marketing campaigns of the European subsidiary of the first public cryptocurrency exchange and marketplaces Kraken, eToro and EXMO Exchange

The UK Advertising Standards Authority (ASA) identified abuses in seven cryptocurrency-related ad campaigns, believing that they did not adequately reflect investment risk.

The regulator imposed a ban on advertising of the European branch of the Coinbase crypto exchange , as well as the Kraken , eToro and EXMO Exchange trading platforms . The ASA also banned advertisements for crypto broker Coinburp and crypto exchanger Luno .

The regulator also banned the marketing campaign of the pizza chain Papa John’s, which offered its customers “10 pounds worth of free bitcoin.”

“Consumers need to be aware of the risks of investing in crypto assets, and companies need to make sure their ads are not misleading or socially irresponsible by exploiting consumer ignorance about these complex and volatile products,” a British regulator told the BBC .

In mid-November, ASA began testing an advertising campaign for the “meme” cryptocurrency Floki Inu. The regulator checks the legality of promoting such products in public transport systems.

In October of this year, ads with the slogan “Missed Doge? Get Floki ”. Residents of the British capital could see such announcements on buses, trains and subway stations. According to The Guardian, ASA has received several complaints related to advertising promotion of Floki Inu.

In July, it became known that the UK Advertising Standards Authority plans to tighten controls over cryptocurrency advertising.

The regulator will suppress the publication of misleading advertisements for investments in cryptocurrency assets. The country’s authorities have also allocated about $ 15 million to alert residents of the dangers of investing in cryptocurrencies.