Hack: crypto ads in “red alert” section in UK

The British Supervisory Authority, the Advertising Standards Office (ASA), has announced a serious crackdown on misleading crypto advertising across the country. The ASA said most crypto ads are misleading and do not include warnings that people don’t know about. Crypto editions in the UK begin with both offline and online advertising. The expected campaign will begin with the removal of obscure ads from social media platforms.

Miles Lockwood, director of the ASA’s complaints and Investigations Department, told The financial Times that if breaches were found, the suppression campaign would be “hard and fast.”

Mike Lockwood described crypto as a” red alert” priority as economic and commercial advertising could pose a threat to a less conscious and vulnerable audience. He said the ASA would report crypto companies, on top of which it would be obliged to add disclaimers to misleading advertising by the digital currency industry. 

“We see this as an important and priority area for us … where we face challenges, we push them hard and fast,” Lockwood told The Financial Times.

Decommissioning and exit begins
The Financial Conduct Authority (FCA) has made announcements to protect the public from falling victim to misleading crypto advertising, which could lead them to make a rash decision. The FCA warned consumers about buying trending crypto products and said consumers “should be willing to lose all their money.” However, the FCA has not been very successful in disseminating this information. 

Two months ago, the ASA condemned crypto advertising placed on the walls of Britain’s Metro Luno, Cryptocurrency Exchange and a subsidiary of Barry Silbert’s Digital Currency Group. The ad was allegedly “misleading” as it contained no warnings or disclaimers. “If you see bitcoin on the tube, it’s time to buy,”the Slogan reads.

Source: FT
Without a disclaimer, the ad encourages people to buy very expensive bitcoins without informing them of the volatile ones

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