With regulatory activity picking up at the start of the year, the UK has banned two Crypto.com (CRO) adverts.
Regulators across the world have had a busy start to the year. The Bank of England mentioned the need for a worldwide framework to oversee the crypto market late last year. Binance has pulled out of Singapore in recent weeks, putting it on the wrong side of the Ontario Securities Commission. Indian tax officials were also on the move last week, raiding six cryptocurrency exchanges on suspicion of tax avoidance.
On Tuesday, word broke that Naver and Kakao, both of South Korea, were leaving Singapore. The news didn’t get any better overnight, with the Kosovo government declaring an outright ban on all crypto mining, starting immediately.
Regulators UK clampdown against Crypto.com.
With regulatory action picking up at the start of the year, news of the UK banning two Crypto.com (CRO) adverts reached the wires overnight. The Advertising Standards Authority (ASA) in the United Kingdom is said to have responded to a complaint.
Crypto.com is a cryptocurrency trading platform that supports all cryptos and crypto-related businesses. Crypto.com is more than simply a trading platform; it also allows users to earn, spend, and borrow cryptos.
According to the ASA, on September 1, 2021, an advertisement stated, “Buy Bitcoin with credit card instantly.” The second ad, which ran on July 30, 2021, promised “up to 3.5 percent per annum.” The figure in the advertisement has risen to “8.5 percent.”
The advertising neglected to emphasize the risk of investment, according to the ASA judgement, while also taking “advantage of consumers’ inexperience and naivety.” After learning about the ASA’s concerns, Crypto.com withdrew the adverts.
The ASA’s action follows requests from UK members of Parliament (MPs) for the UK government to take action against the crypto business. On Tuesday, news broke that UK MPs were calling for stricter crypto and NFT legislation.
MPs are apparently responding to sports teams and other influencers pushing cryptocurrency initiatives.
Sport.com and Crypto.com
Crypto.com secured Super Bowl 2022 airtime in December. The move comes after Crypto.com’s sponsorship of Angel City FC, a professional women’s football team.
Crypto.com’s foray into sports is in line with its goal of becoming a top 20 consumer brand in the next three to five years. Other Crypto.com partnerships include Conmebol in South America, PSG in France, the Coppa Italia, and Formula 1.
The Price of Crypto.com Coin
On Tuesday, Crypto.com Coin slid 1.30 percent to $0.5675, compared to a November high of $0.9732. Crypto.com Coin increased by 794 percent in 2021, despite a dip from November’s peak.
Crypto.com Coin was up 0.60 percent to $0.5545 at the time of writing. The December high of $0.7179 will be the first major resistance level for bulls. If the $0.71 levels are broken, the ATH and $1.00 levels from November will be tested.
