Posters of an advertising campaign asking UK residents to buy bitcoin have been banned by theAdvertising Standards Authority (ASA) from the United Kingdom. But why did the ASA ban this BTC ad?
Translated by Gaétan Lajeune
An advertisement for the Luno exchange
In fact, in the London Underground and buses it was possible to see posters concerning the exchange. Luno. This one said with a cartoonish image of Bitcoin, “if you see bitcoin on a bus, it’s time to buy.”
The ASA has found the advertising irresponsible and misleading in its current form. The authority considered that the advertisement had failed to highlight the risks associated with cryptocurrencies. She asked Luno, a London-based crypto exchange with more than seven million customers in 43 countries, to ensure that its marketing communications sufficiently explain the volatility of bitcoin investments.
” We concluded that the ad irresponsibly suggested that engaging in a Bitcoin investment through Luno was straightforward and easy, especially since the audience it was aimed at, the general public, was likely to be inexperienced in understanding cryptocurrencies. “
The decision was made because it appears the regulator received four complaints about the ads. While one consumer accused the ad of taking advantage of consumers’ inexperience, the other three found it misleading, failing in its effort to illustrate the risk of the investment.
UK takes a negative view of cryptocurrencies
The advertising ban takes on special significance, especially at a time when the price of bitcoin experienced a 30% collapse in a single day last week. Even if he bounced back just as quickly. The declaration ofAndrew BaileyGovernor of the Bank of England is not helping matters, as he recently warned investors of the risk of losing all their money.
TheASA found that the sentence “It’s time to buy” was a call to action for an asset that seemed simple and accessible for everyone to invest. In reality, theASA felt that “Investing in bitcoin was complex, volatile and could expose investors to losses. “
In response to the position taken by theASA, Luno has agreed to remove the announcements in their current form. The exchange also gave assurances to theASA, saying that its future advertisements would be accompanied by appropriate risk warnings.
Is this an attack on the whole system by theASA British? Or just a happy coincidence, at a time when crypto is the victim of a big wave of FUD? Luno has not said his last words, there is no doubt that Londoners will see a new advertisement very soon praising the merits of the asset.
Just your average global millennial embracing, and interested in, the future of money and finance. Excited by blockchain tech as well as fintech but have a special passion for DeFi and Yield Farming, what will this technological disruption bring next?
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.