UK Banned Time to Buy Bitcoin Ads on Buses and Subway for Misleading

The British Advertising Standards Authority (ASA) has banned a Bitcoin advertising campaign by cryptocurrency exchange Luno on the London Underground network and London buses. The UK advertising regulator says the ads are deceptive and irresponsible. It's time to buy banned Bitcoin ads in the UK A Bitcoin advertising campaign on London Underground and buses has been banned by the UK Advertising Standards Authority (ASA). The ads feature a picture of bitcoin with the words "If you see bitcoin on the bus, it's time to buy" or "If you see bitcoin in the metro, it's time to buy". They were hanged in February. The ASA said it had received four complaints. The three plaintiffs "assessed that the announcement did not show the risk of the investment" and "questioned whether it was misleading". The regulator, a complainant, "disputed whether the ad would take advantage of the inexperience or purity of the consumer." “We thought consumers would interpret the phrase 'If you see bitcoin on the Subway, it's time to buy' to refer to buying bitcoin as an investment,” ASA confirmed: the ad was posted on the London Underground and London bus networks. It is likely to be seen by consumers who do not target the media and therefore do not have extensive financial knowledge and experience with Bitcoin and expect the bitcoin exchange to be regulated by legal protections for investment activities. Luno bitcoin ad on the London Underground. Source: ASA "We realized that neither Luno nor the bitcoin market is generally regulated in the UK and therefore consumers cannot rely on services such as the Financial Services Compensation Scheme or the Financial Ombudsman Service," ASA said and added: So we came to the conclusion that the advertisement was misleading. The agency said, "We thought that consumers would interpret the following statement. '

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