Why did the UK ban Coinbase crypto advertisements?

The UK's Advertising Standards Authority banned Coinbase adverts because they implied cryptocurrency could ease cost of living concerns and trivialized the risks of unregulated investments.

What was Coinbase's response to the UK ad ban?

Coinbase disagreed with the ruling, stating their advertisements were intended to provoke discussion about the financial system and not to minimize risk.

What are the risks of investing in cryptocurrency in the UK?

The Financial Conduct Authority warns that cryptocurrency investors should be prepared to lose all their money as digital assets are complex, volatile, and unregulated.

Home / Business and Economy / UK ad watchdog bans crypto ads mocking cost of living woes

UK ad watchdog bans crypto ads mocking cost of living woes

29 Jan

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Summary

Adverts implied crypto could ease cost of living concerns.
Watchdog found ads trivialized the risks of unregulated crypto.
Coinbase disagreed, stating ads aimed to provoke discussion.

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.