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UK bans Coinbase and other cryptocurrency ads

The UK Advertising Standards Authority (or ASA) has banned seven ads related to cryptocurrency. BBC.

ASA targets cryptocurrency ads from Coinbase Europe, eToro, Papa John’s, Luno Money, Exmo Exchange, Payward and Coinburp.

All seven ads were banned for “irresponsible use of lack of customer experience and failure to explain the risk of the investment,” the ASA said.

Popular pizza chain Papa Jones has offered “free bitcoins equivalent to £ 10” and can save customers £ 15 (approximately US $ 19) if they spend £ 30 (US $ 39) or more on pizza.

The pizza chain has linked its Bitcoin ad (BTC) to “Bitcoin Pizza Day”, which marks the first time Bitcoin has been used in a transaction (to purchase pizza in May 2010).

The ASA advertisement “trivializes a serious and potentially costly financial decision, especially in the context of a target audience with little knowledge of cryptocurrency.”

Despite a denial in Payward’s ad, his warnings were not clear. In addition, the ASA stated that “clients do not have time to understand the relevant information contained in the legal notice.”

ASA and Crypto

This is not the first time ASA has targeted the cryptocurrency sector.

A ASA Suspended Luno’s announcement in May of this year said: “If you’ve seen Bitcoin on the subway, it’s time to buy it.” The company considered this advertisement irresponsible.

Even the supervisor He looked In advertisements for Flocky Inu in the London Underground. In November, the agency began investigating the ads.

An ASA spokesman said: “I do not think there should be cryptocurrency ads on the transport network. They are unethical. ”

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Miles Lockwood, director of ASA’s Complaints and Investigations, also criticizes deceptive cryptoactive ads.

“Customers need to be aware of the risks involved in investing in cryptocurrencies, and use the lack of knowledge about these complex and volatile products to ensure that companies do not mislead or advertise their ads,” Lockwood said.

* Translated and edited by Daniela Pereira do Nacimento with permission Decrypt.co.