Britse barely rejects vaakhond, op crypto ads “misled””

The Advertising Standards Authority (ASA), the British advertising Supervisory Authority, said it would be difficult to mislead adverts promoting cryptocurrency investments. The organization will make cryptocurrency campaigns a “red alert” priority in its financial marketing department. The organization will respond more to these announcements, he argues, by connecting with companies and issuing warnings in the future.

British advertising watchdog to increase vigilance on crypto campaigns
The British advertising watchdog is unhappy that it is running campaigns for cryptocurrencies in the country. The Advertising Standards Office said it would tighten its standards to combat “misleading” advertising of cryptocurrencies. Any advertising that does not meet regulator standards will therefore be removed. Miles Lockwood, director of the ASA’s complaints and Investigations Division, said::

We see this as an absolutely important and priority direction for us. Where we face challenges, we will move hard and fast.

The agency has identified cryptocurrency marketing campaigns as a red alert priority and will increase tracking of all types of crypto-related advertising. Under the rules, many of these ads do not meet the requirements set by the regulator. However, the ASA relies mainly on consumer complaints to act against third parties. But now the regulator will play a more active role in overseeing these marketing activities, even on social media.

Louise Maroni, who filed a financial complaint with the ASA, said::

We acknowledge that there are a number of media types that we haven’t fully considered until now.

Confusing Rules
The ASA has attracted public attention as cryptocurrencies have become more popular for potential retail investors. That’s why the agency took action in May when cryptocurrency trading app Luno ran ads on public transport across London. At the time, the ASA called the company to make sure the other ads were “di”

Join the Discussion

  • BrokerEUR/USD
    IG 0.6pips (fixed) margin: 3.33%
    OANDA 1.3pips (variable) margin: 3.33%
  • Back to top