UK ad watchdog bans crypto ads mocking cost of living woes

The UK's Advertising Standards Authority (ASA) has prohibited advertisements from cryptocurrency firm Coinbase, ruling they irresponsibly implied that crypto investments could mitigate concerns about the rising cost of living.

Complaints were lodged following a series of Coinbase adverts in August. These ads featured satirical depictions of the UK's economic hardships, juxtaposed with Coinbase's logo and a slogan suggesting a need for change if things were not fine.

The ASA determined that the adverts trivialized the inherent risks of cryptocurrency, which is largely unregulated in the UK. The watchdog stated the ads implied Coinbase could offer solutions to the financial problems highlighted.

Coinbase expressed disagreement, maintaining the campaign aimed to provoke discussion on the financial system's state. The firm stated it did not intend to minimize risk or offer simplistic solutions.

This action follows previous concerns raised by the ASA regarding cryptocurrency promotions that fail to adequately disclose investment risks. The regulator has consistently warned that digital assets are complex and volatile, and investors can lose all their money.