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UK bans ‘time to buy’ bitcoin advertisements to be misleading on buses and underground – regulation bitcoin news

The British Advertising Standards Authority (ASA) has banned bitcoin advertising campaigns in London Underground Network and London buses by cryptocurrency exchange Luno. The UK advertising regulator says the advertisements are misleading and irresponsible.

‘Time to buy bitcoin’ Banned ads in Britain

The UK Advertising Standards Authority (ASA) has banned bitcoin advertising campaigns in London Underground and buses. The ads had the image of a bitcoin with the words “If you are watching bitcoin in a bus, it is time to buy” or “If you are watching bitcoin on the underground, it is time to buy”. These were planted in February.

The ASA said it received four complaints. The three complainants believed that the “advertisement failed to reflect the risk of investment” and “challenged whether it was misleading.” One complainant “challenged whether the advertisement took advantage of consumers’ inexperience or goodwill,” the regulator elaborated.

“We assumed that consumers would interpret the statement ‘if you’re looking at bitcoin on the underground, it’s time to buy’ as a reference to buying bitcoin as an investment,” the ASA confirmed, in detail:

The advertisement appeared on the London Underground and London Buses networks, which were targeted media, and therefore likely to be viewed by consumers who did not have extensive financial knowledge and experience of bitcoin, and would expect bitcoin exchanges to be regulated. , With legal protection for investment activities.

The UK authority banned the 'time to buy' bitcoin ad for being misleading and irresponsible
A bitcoin advertisement by Luno on the London Underground. Source: ASA

“We understand that neither the Luno nor the bitcoin market was regulated within the UK in general, and therefore consumers cannot resort to services such as the Financial Services Compensation Scheme or the Financial Ombudsman Service,” said ASA, adding:

We therefore concluded that the advertisement was misleading.

The agency added: “We assumed that consumers would interpret the statement ‘time to buy’ as a call to action and the simplicity of the statement gave the impression that bitcoin investment was straightforward and accessible.”

However, the advertising regulator stated that “bitcoin investment was complex, volatile, and could harm investors and was believed to be contrary to the assumption given by the advertisement that the investment was simple and traditional.” The agency then elaborated:

We concluded that the advertisement irresponsibly suggested that it was straightforward and easy to engage in bitcoin investment through Luno, especially given that the audience addressed, the general public, being inexperienced in their understanding of cryptocurrency. Was likely, and therefore a violation of the Code. .

Luno Money Ltd, which placed the advertisement, told the ASA that “the advertisements will not appear again as a complaint,” adding that “their future advertisements will carry a suitable risk warning.”

What do you think about ASA’s reasons for banning these bitcoin advertisements? Let us know in the comments section below.

Image credit: Shutterstock, Pixabay, Vicky Commons

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Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.