UK Watchdog Bans Crypto Ads—Claiming They Fail to Explain Digital Coin Investment’s Risk! eToro and More Affected

The U.K. advertising watchdog, the Advertising Standards Authority, decided to ban crypto ads because they failed to explain the risk of blockchain investment. 

Right now, many people across the globe are suddenly jumping in into the rising digital coin trends. 

Seeing the increasing values of Bitcoin, Ethereum, and other giant cryptocurrencies, young investors are entering the world of the blockchain market, hoping they could also experience the success of these cryptos. 

Recently, TechTimes reported that Visa’s new crypto advisory initiative was rolled out. On the other hand, some crypto CEOs conducted a discussion about the digital coins in the United States last Dec. 8. 

These are just some things that various companies and crypto providers are doing to allow their consumers to understand more about blockchain. However, it seems like ASA does not see these efforts from the ads that it banned. 

UK Watchdog Bans Misleading Crypto Ads

According to CNBC’s latest report, the Advertising Standards Authority decided to ban crypto ads from the country because it considers them misleading. 

Also Read: Crypto Scam: Fake Instagram Accounts Used to Steal $80M from Victims-Here’s How to Protect Yourself

Most of these advertisements were released by popular crypto trading platforms and exchanges. These include Coinburp, Coinbase Europe, Luno Money, eToro, Papa John’s GB, Payward, and Exmo Exchange. 

“The ads were addressed to a general audience and we considered that most of those who engaged in a promotion linked to buying pizza was likely to be inexperienced in their understanding of cryptocurrencies and the risks inherent in doing so,” explained the U.K. advertising watchdog. 

The agency added that they only removed ads that didn’t contain any warning about blockchain investment risks. If you want to see more specific details about the banner ads, you can click this link. 

Beware of Upcoming Crypto Ads 

Of course, crypto ads would mainly focus on the good side of blockchain investment rather than its possible downs. 

This is why it is important to research the digital coin you are eyeing on, especially since MUO reported that more cryptocurrency advertisements could arrive on Instagram and Facebook. 

There’s a high chance that this could happen, especially since Meta announced that its stance about crypto ads is now going the other way around. 

For more news updates about crypto ads and other topics related to blockchain, always keep your tabs open here at TechTimes.  

Related Article: Coinbase Users Surprised To Wake Up They Were Billionaires–But It Was All A Mistake

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Written by: Griffin Davis

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