7 crypto ads banned by UK advertising watchdog for misleading claims

UK’s advertising watchdog Advertising Standards Authority (ASA) has banned multiple cryptocurrency ads, including those by Papa John’s Pizza,

Coinbase

,

Kraken

, Etoro and Luno. The authority alleged that the ads were misleading and exploiting consumers' inexperience and lack of knowledge Altogether 7 advertisements have been banned, including 2 more from from Coinburp and Exmo.

The ASA gave specific instructions to each company about the essential advertising standards they must comply with in the future..

The 7 ads were banned specifically for these reasons:

• Papa John’s Pizza ad claimed a promotion on its website and Twitter about giving away Bitcoin with purchases in May.

• Coinbase’s paid-for Facebook advertisement claimed an exponential rise in the value of Bitcoin in over a decade by saying that £5 in Bitcoin in 2010 was worth over £100,000 in January 2021.
• Luno, an operating subsidiary of

  Digital Currency Group

  , posted an advertisement on the Daily Mail Online app, inviting crypto investment with as little as £1.
• Etoro, UK-based crypto trading company, was charged for a paid-for display ad on the

  Yahoo Finance

  website asking people to to invest in the world’s top cryptos with one click.
• Exmo, another UK-based crypto exchange, had put out a video on a certain Youtube channel that described downloading Exmo to save huge amounts on trading commissions.
• An equally misleading ad was posted by crypto trading platform Coin Burp that claimed to register in minutes, quick deposition, and making super-easy and secure crypto trades.
• The last one, Kraken's ad in the form of digital posters was banned too. It stated to purchase more than 50 crypto in minutes and start with as low as £10, and build digital wealth and buy crypto on the go.

For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.

Ready to Master Stock Valuation? ET’s Workshop is just around the corner!