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UK Regulator Issues Crypto Ads Notice to 50 Firms — Says ‘This Is a Red Alert Priority’

News Feed - 2022-03-23 08:03:25

UK Regulator Issues Crypto Ads Notice to 50 Firms — Says "This Is a Red Alert Priority"


The U.K.’s advertising authority has sent an enforcement notice to more than 50 companies that advertise cryptocurrencies. “We will monitor for compliance and implement sanctions if we do not see improvements,” said the regulator. British Advertising Regulator’s ‘Red Alert’ Priority Issue


The U.K. Advertising Standards Authority (ASA), the country’s regulator of advertising, announced Tuesday: We have issued an enforcement notice to over 50 companies which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated fairly.


“The enforcement notice provides guidance to the crypto industry on how to stick to the rules and warns that we will monitor for compliance and implement sanctions if we do not see improvements,” the ASA added.


“The notice applies to ads for cryptocurrencies, crypto exchanges and ads or promotions which otherwise involve the transfer, sale or supply of cryptocurrencies, targeted at UK consumers or that are targeted globally on behalf of UK-based advertisers,” the watchdog detailed.


The ASA explained that advertisers must clearly state that cryptocurrencies are unregulated in the U.K. and the value of crypto investments could go down. In addition, they must not state or imply that crypto investment decisions are “trivial, simple, easy or suitable for anyone.” Ads must also not imply a sense of urgency to buy or create a fear of missing out (FOMO), or imply that investments are low-risk.


The advertising watchdog has been clamping down on misleading cryptocurrency ads in the country. Earlier this month, the regulator banned ads for floki inu (FLOKI) crypto. The coin was inspired by Tesla CEO Elon Musk’s shiba inu puppy called Floki. In December last year, the ASA banned seven crypto ads for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo.


The ASA noted: 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 advertising regulator said it is working with the Financial Conduct Authority (FCA) to take action against those who do not comply with the rules.


The ASA added that its compliance team “will conduct follow-up monitoring and if problem ads persist after 2 May, we will take targeted enforcement action.” Tags in this story advertising watchdog, asa, British advertising Authority, crypto ads, crypto advertisements, cryptocurrency ads, cryptocurrency advertisements, FCA, Financial Conduct Authority, UK advertising authority


What do you think about the British advertising authority warning about crypto ads? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Malaysian Ministry Proposes Legalizing NFTs to Boost Participation in Crypto Sector REGULATION | 23 hours ago US Treasury Official: We Don"t See That Crypto Could Be Used in Large-Scale Way to Evade Sanctions REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleKazakhstan Police Shut Down Another Crypto Farm Amid Ongoing Crackdown on Mining Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItIndia Targets 700 Crypto Investors for Non-Payment of Taxes: Report


India"s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. "We have a long list of people who were transacting in crypto assets but were not paying tax," said ... read more.BNDES Director Offers New Insights on Development of Brazilian Blockchain Network Elliptic Identifies "Several Hundred Thousand Crypto Addresses" Tied to Russia-Based Sanctioned Actors President Zelenskyy Signs Ukraine’s Law ‘On Virtual Assets’ UAE Hospitality Brand Stella Stays Now Accepts Crypto

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