Adverts belonging to some companies including Papa John’s Pizza, Coinbase, Kraken, eToro, Luno, Coinburp, and Exmo were those affected by the ban.
The ads are “misleading” and “irresponsibly taking advantage of customers‘ inexperience and failing to show the risk of the investment,” according to the UK advertising watchdog.
In addition to offering each corporation detailed guidance on how to comply with the ASA’s advertising guidelines in the future, the ASA directed in all cases:
The ads must not appear again in the form complained about.
Papa John’s Pizza advert
The Papa John’s Pizza advertisement was a campaign on the company’s website and Twitter account. In May, the well-known pizza business began giving away bitcoin with purchases.
“Free bitcoin worth £10” was advertised by the company. Customers who spend £30 or more on crypto exchange Luno will save £15 and receive £10 in bitcoin.
Coinbase advert
Coinbase’s ad was a paid Facebook advertisement. “£5 in bitcoin in 2010 would be worth over £100,000 in January 2021,” the text continues. Don’t lose out on the next ten years – sign up for Coinbase now.”
Luno’s advert
Luno’s commercial appeared on the Daily Mail Online app as an in-app ad. It stated, “Invest in crypto for as little as £1.”
The ASA had previously had issues with Luno advertisements. In May, the government barred the exchange’s “Time to Buy” bitcoin advertisements from being displayed on London buses and subways.
Kraken’s advert
A digital advertisement for Payward’s crypto exchange, Kraken, was spotted at London Bridge station. It stated, “Buy 50+ crypto in minutes,” among other things. “Build digital riches and buy crypto on the fly” and “Start with as little as £10.”
eToro’s advert
eToro’s ad appeared on the Yahoo Finance page as a paid display ad. “Invest in the world’s best cryptos with one click,” it said.
Exmo’s advert
Exmo’s commercial was a video on Paul Lucas’s Wingin’ It! YouTube channel. “Download Exmo now and save tons on trading commissions!” reads the video’s description. Exmo has been granted a temporary license to engage in crypto-asset activities.”
Coinburp’s advert
A Twitter page for crypto trading platform Coinburp was the sixth ad blocked on Wednesday, with a bio section that read: “Register in minutes, deposit instantaneously, then make super-easy and secure crypto transactions.”
