UK bans 7 ads on cryptocurrencies; See which ones

Tracking of cryptocurrencies such as Bitcoin digital currency is considered one of ASA’s key activities (Credit: Pixabay)

A The UK advertising agency Advertising Standards ASA (ASA) has banned seven cryptocurrency ads. The move comes after the company decided that the announcements about the risks of the investment were not clear.

Tracking cryptocurrencies such as Bitcoin digital currency is considered one of ASA’s key activities, which, in addition to potential penalties, establishes the so-called “Red Alert” for ads that endanger people.

+ Bitcoin loses one-fifth of its value; $ 1 billion of cryptocurrencies were settled

The seven new members under the supervision of the company are:

eToro: A trading platform for cryptocurrencies and stocks.
Howard: Cryptocurrency Purse.
Coinburp: Cryptocurrency trading platform.
Exmo Exchange: Cryptocurrency exchange service.
Coinbase Europe: Cryptocurrency exchange platform.
Papa Johns GB: Advertising activity on the website of Papa Johns Pizzeria Chain.
Luno Money: A cryptocurrency exchange service.

It is noteworthy that the companies were not surveyed and only a few advertising activities were analyzed. According to the ASA, the irresponsible were “prohibited from using the inexperience of the consumer irresponsibly and for not explaining the risk of the investment”.

The purpose of the red alert

These measures and restrictions are part of an ASA-led plan to focus on British advertising with a focus on 2022.

“The red alert issue that cryptocurrencies give us priority. Consumers need to be aware of the risks involved in investing in cryptocurrencies and ensure that their ads are not misleading or socially irresponsible, ”said Miles Lockwood, director of complaints and investigations for the BBC Network.