Over 50 companies that have marketed bitcoin services in the United Kingdom have received an enforcement notice from the Advertising Standards Authority (ASA), instructing them to assess their adverts to ensure they comply with new instructions.
According to CoinDesk, the list of 50 companies includes all companies that have previously been subject to ASA judgments. Coinbase (COIN), eToro, Luno, and Crypto.com are some of them. The ASA stated:
“This is a ‘red alert’ priority issue for us and we’ve recently banned several crypto ads for misleading consumers and for being socially irresponsible.”
Advertisers must clearly disclose that crypto is unregulated in the United Kingdom and that the “value of investments is variable and can go down,” according to the new guidance.
Furthermore, crypto advertising must not include anything similar to saying “investment decisions are trivial, simple, easy, or suitable for anyone,” or “imply a sense of urgency to buy or create a fear of missing out, or that investments are ‘low risk.'”
The regulatory body has given a deadline of May 2 to advertisers of cryptocurrency services to ensure that their adverts comply with the guidelines, after which non-compliant advertisers will be reported to the Financial Conduct Authority (FCA).
Pain in crypto advertising around the world
The UK watchdog is known for its tough stance on crypto marketing after it displayed a strict attitude towards Shiba Inu for massive advertisement in the region. However, it is not the only country who have got a problem with crypto advertising.
In January, as TheCoinRuse reported, Singapore banned public ads for crypto service providers in the region. A month later in February, India, which has warned investors several times regarding the risks and frauds involved with crypto, published new crypto advertising guidelines for virtual digital assets (VDA) products.
The European Union is never behind. In January 2022, Spain also brought crypto marketing regulations for informed trading in the nations.