The Advertising Standards Authority (ASA) has banned seven crypto marketing ads across platforms to prevent consumers from being defrauded by enticing but deceptive cryptocurrency ads.
A tweet by Papa John's, which offered "free Bitcoin" in partnership with cryptocurrency exchange Luno, is a recent example. It was thought to be irresponsible to down play bitcoin investment and take advantage of people's lack of knowledge.
Other banned companies include cryptocurrency exchange Coinburp, which was penalised for taking advantage of users' lack of experience and neglecting to highlight the risk of investment on Twitter. Over the next few months, the ASA will continue to review cryptoasset ads.
The ASA will also monitor non-fungible tokens (NFTs) and fan tokens in addition to cryptocurrencies. Miles Lockwood, director of complaints and investigations, said, “We’re conducting proactive monitoring and interventions where we find issues.”
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