UK ad organization bans crypto exchange’s ‘time to buy’ Bitcoin advert
Cryptocurrency enthusiasts will be ecstatic to hear that one of the most popular cryptocurrency exchanges has been banned from advertising on the UK’s biggest television advertising hub. The UK Advertising Standard Authority has banned the adverts of cryptocurrency exchange eToro. The reason for the ban is that many of eToro’s adverts are viewed as a form of gambling or casino. (This is the second time that eToro has been banned from a UK television advertising hub; the first time was in September of last year.)
The UK Advertising Standards Agency recently ruled a cryptocurrency exchange’s advertisement is misleading. The ad shows an image of a trader holding a piece of paper that says, “It’s time to buy Bitcoin,” presumably foreshadowing the cryptocurrency’s price increase. The text copy, however, reads, “Invest in digital currency,” suggesting the ad is actually encouraging viewers to invest in the cryptocurrency. The ad, which promotes the crypto exchange’s platform, appeared on the London Underground. The ASA ruled the ad is misleading and said, “We therefore concluded the ad must not appear again in its current form.”
As you may have read in the news, the UK Advertising Standards Authority (UKASA), has banned cryptocurrency exchange Coinbase’s latest “Time to buy bitcoin?” ad campaign. It’s not hard to see the reasoning behind the decision: It’s pretty obvious that Coinbase is trying to sell bitcoins to everyone who sees the ad. But it’s also easy to see why Coinbase thinks they were in the right: The “Time to buy” wording is vague enough to be interpreted in several ways, and there’s nothing in the ad that is untrue. Coinbase didn’t break any rules.. Read more about bank of america bitcoin and let us know what you think. The UK’s largest advertising industry body has spoken out about an advertising campaign that tells people it’s time to buy bitcoin (BTC). The Advertising Standards Authority, a self-regulatory body for advertising, has officially shut down cryptocurrency exchange Luno’s advertising campaign for being misleading and irresponsible. The ads should no longer appear in the offensive form, the ASA said Wednesday, noting that the ads should state that investing in bitcoin is very risky because it is so volatile. This year, Luno’s billboards on the London Underground and buses featured an image of Bitcoin with the caption: If you see bitcoins on the subway, now is the time to buy. Source: Financial Times The ASA said it had received several complaints about Luno’s ads, in which people pointed out that the posters did not illustrate the risk of investing in bitcoin. We found that consumers could interpret the It’s Time to Buy statement as a call to action and that the simplicity of the statement made investing in bitcoin seem easy and affordable, the ASA said. On the contrary, bitcoin investments are complex, volatile and can expose investors to losses. This is contrary to the impression created by advertising that investing is easy and ordinary, the agency writes. The ASA said Luno had agreed to stop running ads for bitcoin in its current form and promised that future ads would include an appropriate risk warning. The regulator’s latest action comes amid extreme volatility in cryptocurrency markets, with bitcoin falling from an all-time high of more than $64,000 to around $31,000 in mid-May. As Cointelegraph previously reported, cryptocurrency advocates are running more ads for bitcoin worldwide. Last September, the Hong Kong Bitcoin Association launched an advertising campaign for the Bitcoin Tram in Hong Kong, with some ads placed directly in front of HSBC’s headquarters with the words be their own bank.The UK’s Advertising Standards Authority (ASA) has banned a crypto exchange’s ad campaign claiming “It is time to buy,” citing that the ad was misleading and could not be substantiated by the exchange. The ad, which appeared on several platforms over the past month, stated “It is time to buy.” The ASA was quick to state that the ad was misleading, stating “we considered consumers would understand the claim ‘it is time to buy’ to mean that they should purchase [the product] now, because they would not be able to buy it in the future.”. Read more about china buys bitcoin and let us know what you think.
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