UK Advertising Supervision Starts Bitcoin Ads Ad

The UK Advertising Watchdog has a problem with Bitcoin ads, especially those that are tricking people into investing in crypto as we can see on our latest Bitcoin news today.

The UK advertising watchdog aims to prevent misleading advertisements related to crypto investments, and the move comes amid the FCA warning consumers about Binance. The UK Advertising Standards Authority was set up to prevent irresponsible advertising from tricking people into investing in cryptocurrencies based on their financial situation. Miles Lockwood, Director of Complaints and Investigations at ASA said:

“We consider this to be an absolutely important and priority area for us. Wherever we find a problem, we tackle it forcefully and quickly. “

Lockwood added that the crypto industry is seen as a “red flag” priority in financial advertising, so the ASA is reliant on responding to consumer complaints, but it is now moving to a different approach. Louise Maroney, who is in charge of claims at the ASA, said:

“We are aware that there are some types of media that we have not yet been able to fully address.”

To address problematic ads, the ASA is now expanding its ability to scan for suspicious ads using a range of digital techniques such as web scraping and AI. The ASA is also aimed at social media influencers who play a huge role in promoting various crypto projects online. The ASA has taken action against Luno, a popular exchange that runs ads on London’s public transport system saying, “If you see BTC on the tube, it’s time to buy.” Luno’s CEO Marcs Swanepoel disagreed with the ASA’s position, saying the advertising was actually out of order.

The ASA’s linchpin for misleading crypto advertising comes at a time when the UK’s financial regulator has taken a tough stance on cryptocurrencies. The FCA has issued a consumer notice alert against Binance Markets Limited, a company acquired by Binance in the UK to use and operate a dedicated cryptocurrency exchange for customers in the UK. The FCA says it has issues with the company’s anti-money laundering approach. The FCA’s decision sparked an industry outcry against Binance when we saw Santander and Barclays both suspend payments to the exchange to protect their customers. Natwest has limited transfers to crypto exchanges, and two days ago the National Building Association announced that it would review its crypto guidelines.

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