UK watchdog banned Etoro, Coinbase, Papa John’s ads

The British watchdog has banned Etoro, Coinbase and Papa John ads, as well as four other crypto-related ads, as a privilege. So read more about our latest death on the crypto news today.

According to the BBC, the UK’s Advertising Standards Authority, the UK watchdog has banned seven crypto-related promotions as part of a broader focus on cryptocurrency ads. ASA targets crypto promotions from Coinbase, Etoro, Papa John’s Luno Cash, Payward, Coinburp, Exmo Trade.

All seven have been banned for irresponsibly exploiting consumer inexperience and failing to reveal the risk of investing in cryptocurrencies.

Popular pizzeria chain Papa John offers free BTC worth £ 10 and tells customers they can save up to $ 15 if they spend £ 30 or more on pizza. The pizzeria chain tied its BTC promotions to the date of Bitcoin Pizza, when BTC was first used in a pizza purchase in 2010. The ASA said during the action that normalization was a serious and expensive financial decision, especially in this context of the target audience, who likely have limited knowledge of cryptocurrency technology. Although the advertising for paid software includes a disclaimer, the precautionary measure is not clear, so the ASA believes it will take time for consumers to understand the relevant information in the disclaimer if it is visible. This isn’t the first time the ASA has targeted the crypto industry.

The ASA targeted a LUNO advertisement in May this year that said if you see BTC on the subway, it is time to buy and the ASA believes this ban is irresponsible. Regulators have also targeted Floki Inu advertisements on the London Underground, and the watchdog has started investigating those advertisements when an ASA spokesman said:

“I don’t think crypto advertising should appear on the transport network. You are unethical. “

ASA Director of Complaints and Investigations Miles Lockwood has been criticized as misleading:

“Consumers need to be aware of the risks of investing in crypto assets, and companies should ensure that their advertising is not misleading or socially irresponsible by taking advantage of a lack of recognition.” Consumer awareness of these complex and volatile products. “