UK regulator has banned seven crypto services’ advertisements

The violations were found in the campaigns of the services such as Coinbase and eToro

16.12.2021 - 08:50

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What’s new? The BBC reports that the UK's Advertising Standards Authority (ASA) has banned advertising campaigns for seven cryptocurrency campaigns. According to the regulator, they are in breach of current legislation.

News on the BBC website

What violations were found? The UK Advertising Standards Authority believes that a number of the cryptocurrency platforms, including Coinbase and eToro, have not fully reflected the risks of investing in digital assets in their materials. The ban was imposed for “irresponsibly taking advantage of consumers’ inexperience and failing to illustrate the risk of the investment.”

The regulator again warned that all companies have to provide full information about the investment risks and not mislead the users. In addition, the statement noted that the advertising should not be socially irresponsible and cannot exploit consumers' ignorance of the complex and volatile products.

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