The British Advertising Standards Authority (ASA) has banned a bitcoin ad campaign put up across the London Underground network and on London buses by cryptocurrency exchange Luno.
The advert was misleading and left out important risk warnings
The Advertising Standards Authority (ASA) said the advert was misleading and left out important risk warnings. The simplicity of the “it’s time to buy” statement “gave the impression that Bitcoin investment was straightforward and accessible”.
Luno said the ads would not appear again and that future ads would feature an appropriate risk warning.
Cryptocurrency ads have been banned before in the UK
It’s not the first time the regulator has cracked down on bitcoin sellers. In March, it banned a full-page ad in the regional press for Coinfloor that told readers “there is no point in keeping your money in the bank” and described Bitcoin as “digital gold.” The ASA said the ad “irresponsibly suggested that purchasing Bitcoin represented a secure investment of one’s savings or pension.”