Cryptocurrency News

UK advertising organization bans crypto exchange’s ‘Time to Buy’ bitcoin ad

A major advertising industry organization in the United Kingdom has ruled an advertising campaign telling people “time to buy bitcoins” (B T c)

Advertising Standards Authority, a self-regulating advertising organization, officially Stopped An advertising campaign by the cryptocurrency exchange Luno to be misleading and irresponsible.

The ASA said on Wednesday, “advertisements should not be displayed as complaints again,” noting that such advertisements should be noted that bitcoin investment is highly risky due to its highly volatile nature.

Shown on the London Underground Network and London Buses this year, Luno’s advertising poster had an image of bitcoin stating that “if you’re looking at bitcoin on the underground, it’s time to buy.”

Source: financial Times

The ASA said it received several complaints about Luno’s advertisement, with people insisting that their posters failed to reflect the risk of bitcoin investment. “We assumed that consumers would interpret the ‘time to buy’ statement as a call to action and the simplicity of the statement gave the impression that bitcoin investment was straightforward and accessible,” ASA said.

Rather, bitcoin investment is “complex, volatile, and can harm investors and is believed to have stood contrary to the assumption given by the advertisement that the investment was simple and traditional,” the authority wrote.

The ASA said that Luno agreed not to re-post its bitcoin ads in their current form and promised to ensure that future advertisements would carry the appropriate risk warning.

Comes against the backdrop of the latest regulatory action Excessive volatility on crypto marketsBitcoin fell from its all-time high of $ 64,000 to around $ 31,000 in mid-May.

As previously reported by Cointegraph, crypto advocates are distributing more bitcoin advertisements worldwide. Last September, the Bitcoin Association of Hong Kong launched a “bitcoin tram” advertising campaign in Hong Kong with some advertisements Placed right in front of HSBC headquarters And showing the words “be your own bank”.