Two Crypto.com ads have been blocked in the UK
The regulator: ads failed to illustrate investment risks and exploited consumers' inexperience
05.01.2022 - 13:45
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What’s new? The UK Advertising Standards Authority (ASA) has blocked two Crypto.com ads after the complaints were received. The ASA claims that both ads were “misleading because they failed to illustrate investments risks” and “took advantage of consumers' inexperience or credulity.”
What was in the ads? The first ad, which ran on the Daily Mail app, contained the following text: “Buy bitcoin with credit card instantly.” The second ad in the Love Balls app promised a rate of “up to 3,5% per annum.” The number later increased to 8,5%. The ASA did not impose any penalties, only warned Crypto.com that future ads have to meet standards.
How did Crypto.com react? The company’s representatives said that the ads were removed immediately after the ASA's demand. Crypto.com ready to compromise and cooperate with regulators:
“We appreciate the collaborative dialogue and engagement from the ASA regarding advertising in the UK in this relatively new industry. We remain committed to working with them and regulators around the world to ensure all of our activities are compliant with the most recent regulatory guidelines.”
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