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Crypto Advertisements Under “Red Alert” in UK

by Miki 07/09/2021
by Miki 07/09/2021 0 comment

UK watchdog, the Advertising Standards Authority (ASA) has announced a major crackdown on deceptive crypto ads throughout the nation. ASA has said that most crypto ads are misleading and do not put any cautions that people may be unaware of. UK’s crypto crackdown is starting with both, offline and online advertisements. The foreseeable campaign will kick start with taking down ambiguous ads from social media platforms.

Director of complaints and investigations at the ASA, Miles Lockwood, told Financial Times that the crackdown campaign will be “hard and fast” if there are violations.

Mike Lockwood described crypto as a “red alert” priority, as it may pose a threat to the less aware and vulnerable audience of economic and business commercials. He said ASA would notify crypto ads and businesses, following which the digital currency industry will be required to add disclaimers to their otherwise misleading ads. 

“We see this as a critical and priority area for us…Where we find problems, we repress harshly and quickly.”, Lockwood told Financial Times.

Read More: USDC Stablecoin Issuer Circle is Going Public at $4.5 Billion Valuation

The Search & Shut Down Begins for Crypto Ads

The Financial Conduct Authority (FCA) made announcements to safeguard the public from falling prey to deceptive crypto ads that may lead them to make an uncalculated decision. FCA warned the consumers from buying trending crypto products and said that the consumers “should be prepared to lose all their money,”. However, the FCA hadn’t had much success in spreading the word. 

Two months ago, ASA condemned a crypto advertisement that was put up on the UK’s subway walls by Luno, the cryptocurrency exchange, and a subsidiary of Barry Silbert’s Digital Currency Group. The ad was claimed to be “misleading” as it did not provide any caution or disclaimer. The slogan read, “If you see Bitcoin on the tube, it’s time to buy.”

Source: FT

Without a disclaimer, the ad is encouraging people to buy the highly expensive Bitcoin without providing them with information on the volatile nature of the currency.

With ADA’s upcoming campaign, they will not only put down deceptive and questionable ads, but ADA has also assured to begin sweeping the offline and online advertisement clean by appointing search parties.

“We recognize that there are certain types of media that we have not been able to fully address so far,” Louise Maroney, Head of financial complaints at ASA, told Financial Times.

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

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      Blockchain

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      Binance Trading Platform Licenses in Bahrain, Canada

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