The UK’s Advertising Standards Authority (ASA) has banned Coinfloor’s bitcoin ads for irresponsibly promoting an investment in the crypto asset. The watchdog argued that the marketing campaign for cryptocurrencies was aimed at retirees who know little about the subject. The ASA’s decision comes after the regulator received two complaints about the ads.
According to the ASA, it is particularly concerned about the use of the phrase it’s no use keeping your money in the bank in advertising. But while the ASA acknowledges Coinfloor’s efforts to educate investors about the risks of investing in cryptocurrencies, it says the warning in the fine print is insufficient to counter the overall message.
The ASA also claims that the ads are misleading because they fail to mention the risks of investing in bitcoin. The watchdog is also going after ads that are not socially irresponsible for suggesting that buying bitcoin is a good or safe way to invest your savings or retirement.
In its defense, Coinfloor says the ads reflected the customer’s point of view, not the company’s. In addition to pointing out that investing in cryptocurrencies carries significant risks, disclaimers have become quite common, according to Coinfloor. However, the ASA disputes this claim, arguing that the small font size and low positioning of the text mean that the details are not clear enough.
Meanwhile, the Northamptonshire Telegraph, where the advert was originally published, has said it will not republish the advert unless it is amended accordingly.
What do you think of the advertising ban? Tell us what you think in the comments below.
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