L’autorité britannique de la publicité bannit les annonces de Crypto.com pour informations “trompeuses”

UK Advertising Authority bans Crypto.com ads for ‘misleading’ information

The UK’s Advertising Standards Authority (ASA) has banned two Crypto.com advertisements. The advertisements in question were about buying cryptocurrency with credit cards and the rates of return on crypto, which the ASA said were presented in a misleading form.

The UK’s Advertising Watchdog (ASA) has banned two Crypto.com ads in a recent operation to reduce advertising in the crypto space. Both adverts appeared in July and September 2021 in the Love Balls game and the Daily Mail app. The first was about rates of return for crypto products, while the second promoted the instant purchase of Bitcoin with a credit card.

The ASA believes that the two “Crypto.com advertisements were misleading because they did not illustrate the risk of the investment”. Moreover, they “were irresponsible, and took advantage of consumers’ inexperience or credulity”. Additionally, the authority claims that the ads misled people because they “did not clearly state the limitations of buying cryptocurrencies with a credit card.” Finally, the ASA pointed out that the rates of return mentioned were not justified and that the method of calculation was not clear.

Crypto.com responded to the allegations, pointing out that the ads had been removed. The company also said the ads were intended to demonstrate the “speed at which users can buy cryptocurrency on their platform.” However, the ASA stands by its decision and will not allow the reappearance of these advertisements in the same format.

Recently, the authority has paid a lot of attention to the crypto sector. This latest move comes as part of its efforts to crack down on dangerous crypto ads. The ASA has had a strong presence within the crypto space over the past few weeks. She even said she would make monitoring crypto ads a “priority issue that constitutes a red alert.”

UK wants to tighten crypto regulations

The UK is watching the crypto market increasingly closely. Recently, the Financial Conduct Authority (FCA) warned social media platforms about crypto advertisements. The UK financial regulator has taken several steps in this direction, as it believes that crypto advertisements need stricter regulation.

The FCA has also asked exchanges not to launch without obtaining approval from the authorities. Coinpass has become the first UK-based crypto exchange to receive approval, arguably a step forward for regulation. When it comes to crypto, the UK seems to be following in the footsteps of South Korea.

However, the FCA chairman has already said that there are promising use cases in crypto. This suggests that the UK will not apply draconian restrictions, but will instead focus on protecting investors.

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