The U.K.’s Advertising Standards Authority or ASA is actively on a banning spree on different applications. In recent days, they have imposed an official ban on two mobile application ads from a popular trading platform Crypto.com. The ad was all about the ease of purchasing cryptocurrencies such as BTC and the high rewards on these digital assets.
Considering the popularity of this industry and the strict legislation, the ASA flagged these ads for breach of different financial rules such as not effectively stating the potential risks of this investment, abusing consumers’ lack of market knowledge, and more about the limitations of crypto.
Even though the brand removed the ad, they did counteract with a strong debate stating that the ad intended to educate the users how they can earn up to 8.5% P.A. through yielded investments and not just specific crypto assets. Similarly, the ad also intended to portray the quick process of crypto purchases for their users.
These limitations have hindered this brand from reaching the mainstream audience. According to a discussion with a reporter of heraldnet, they stated how they want to accelerate the transition to crypto by offering such seamless services. They ensure that the processes are fully compliant and adhere to the guidelines.
ASA has further advised the brand that such adverts should prominently display the risk factors of such investments. They also said that using credit cards could bring higher interest rates, extra fees, and more, prohibiting buying cryptocurrencies.
According to the latest news, Crypto.com is now willing to work alongside ASA’s guidelines for their further marketing campaigns for the U.K. audience.
More such adverts were previously flagged by the ASA, such as the marketing campaign from Coinbase, Kraken, eToro, etc., for spreading misleading information. The Arsenal F.C. and Chiliz were also accused of taking advantage of the inexperienced crypto buyers with these marketing adverts.