The Advertising Standards Agency (ASA) has banned advertisements and advertising-based activities on several well-known global cryptocurrency exchanges.
Therefore, on December 15th, the ASA officially announced the ban on multiple advertisements of various crypto exchanges because they deviated from their standards and regulations.
In addition, the ASA also cited that they are trying to take advantage of consumers who don’t know what encryption is and the risks involved.
Kraken promotes himself through digital posters that can be seen at London Bridge Station. However, the poster has now been deleted. Therefore, the ASA stated that the risk disclaimer in the digital poster only runs for one second, so people will not glimpse it correctly.
In addition, the ASA pointed out that the ad lasted 20 seconds, while the disclaimer only lasted 1 second. This, in turn, indicates that Kraken is not ready to acknowledge the risks involved in crypto investment.
Similarly, around mid-2021, the Coinbase Europe branch launched Facebook ads in July 2021. The advertisement mentioned that the 5 GBP investment in Bitcoin in January 2021 would be 100,000 GBP.
Nevertheless, the ASA admits that although this is true, there may be no guarantee that it will be the same in the future. In addition, the ASA questioned what would happen if BTC did not see the same level of the surge in the next ten years.
As with all other transactions before, Luno Exchange faces the same consequences. This is because of its ads on the London Bus and London Underground networks around May. The advertisement says that if people see BTC underground, they should buy it.
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