The ASA_UK has issued new guidance on firms advertising crypto services. Companies have until May 2 to comply with it after which they will be reported to TheFCA. By JamieCrawleyCD
"This is a ‘red alert’ priority issue for us and we’ve recently banned several crypto ads for misleading consumers and for being socially irresponsible," the ASA said.
The new guidance requires advertisers to clearly state that crypto is unregulated in the U.K. and that the"value of investments are variable and can go down." Additionally, ads must not"state or imply that investment decisions are trivial, simple, easy or suitable for anyone" or "imply a sense of urgency to buy or create a fear of missing out, or that investments are ‘low risk’."
Companies advertising crypto services have until May 2 to ensure their ads meet this guidance, after which non-compliant advertisers will be reported to the financial watchdog the Financial Conduct Authority .after it was granted additional powers by the government to regulate the industry. CoinDesk has contacted Coinbase, eToro, Luno and Crypto.com for comment on the new guidance, but had not received a response by press time. Luno, like CoinDesk, is owned by Digital Currency Group.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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