Monday, June 27, 2022
HomeCrypto NewsUK Bans Crypto Ads by Papa John's Pizza (Coinbase, Etoro and Luno),...

UK Bans Crypto Ads by Papa John’s Pizza (Coinbase, Etoro and Luno), Kraken

A number of cryptocurrency ads were banned by the U.K. advertising watchdog, including those from Papa John’s Pizza and Coinbase. According to the authority, the ads are misleading and exploiting consumers’ inexperience.

UK Authority Bans 7 Crypto Ads
Seven cryptocurrency advertisements were banned Wednesday by the Advertising Standards Authority (ASA). These ads were for Papa John’s Pizza and Coinbase.

The U.K. advertising watchdog concluded that the ads were misleading and taking advantage of consumers’ ignorance. It also found that they failed to clearly show the risks involved in the investment.

The ASA gave specific instructions to all companies about how they should comply with future advertising standards.

The ads cannot be used again in the complaint form.

Papa John’s Pizza’s ad was promoted on its website as well as Twitter. Famous pizza chain Papa John’s was offering bitcoin for purchases made in May. Customers could save PS 15 on their purchases of PS 30, and receive PS 10 of bitcoin from Luno.

Coinbase’s Facebook advertisement was paid for. It included text that reads: “PS5 in bitcoin in 2010 would be worth over PS100,000 in January 2021. Do not miss the next decade! Get started with Coinbase today.

Luno’s advertisement was an in-app ad that was seen within the Daily Mail Online App. The ASA was not the only one to have problems with Luno’s ads. In May, the authority banned “Time to Buy Bitcoin” ads by the exchange on London buses and underground.

The digital poster that Payward used to advertise Kraken, its crypto exchange, was seen at London Bridge station. It contained text that read: “Buy 50+ cryptocurrency in minutes,” “Get started as soon as PS 10,”” and “Build digital wealth and purchase crypto on the move.”

The ad for Etoro was a display ad that was paid-for on Yahoo Finance’s website. It contained text that read: “Invest in top cryptos worldwide with just one click.”

Exmo’s ad appeared on Wingin’ It! Paul Lucas Youtube channel. Description of the video included text that read: “Download Exmo now to save tons on trading commissions!” Exmo was temporarily registered to conduct crypto-asset activities.

Wednesday’s seventh ad ban was for a crypto trading platform Coinburp. It featured a bio section that stated: “Register in minutes and deposit immediately, then make super-easy, secure crypto trades.”

The ASA opened an investigation in November into advertisements for cryptocurrency flokiinu (FLOKI). “Missed Doge?” were the ads. Get Floki” appeared on London’s underground and buses.

This story contains tags

bitcoin ads uk Coinbase, coinbase europe. Crypto ad ban. Crypto ads ban.

What do you think of the U.K.’s advertising authority banning crypto ads Comment below to let us know your thoughts about the U.K. advertising authority banning crypto ads.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since then. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock. Pixabay. Wiki Commons.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused by or alleged to have been caused by the use or reliance of any content, goods, or services in this article.

Read More

Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Most Popular