The UK Advertising Standards Authority (ASA) has banned two crypto ads that were published by Crypto.com, a popular crypto exchange in the country.
The ads, which date back to September 2021, appeared on the Daily Mail and Love Balls apps.
The regulator said they were in violation of the ASA code of conduct. The Daily Mail ad read “Buy Bitcoin with credit card instantly”, and the one that appeared on the Love Balls app suggested that users could earn as much as 3.5% in their first year of holding crypto. The number was soon after changed to 8.5%.
The ASA put forth five concerns regarding the ads, explaining that they were misleading. While the ads themselves made no sensationalist claims per se, they failed to acknowledge the risk that crypto assets entail.
Crypto ads have been subject to a lot of regulation recently, with the ASA previously suspending Arsenal fan token ads and banning crypto ads from the London Underground, citing concerns that they target at-risk people.
The ASA specified that the ad that appeared on the Daily Mail app failed to clarify the risks that purchasing crypto with credit cards can entails.
In a similar way, the claim on the second ad, that people could earn up to 8.5% could not be sustained, ASA explained.
The exchange objected that the first ad only referred to the “speed of purchase” and as to the second one, the company argued that it was only designated for existing users, not trying to attract new ones.
However, ASA turned down both explanations and banned both ads on the basis that they had been misleading.
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