Watchdog bans seven ads in crypto 'red alert'

Chris Vallance is a writer.
Technology reporter

The image is from the same source.

The UK's advertising watchdog banned the adverts.

The Advertising Standards Authority says that it is a priority to monitor the risks of investing incryptocurrencies like Bitcoin.

The pizza chain promotion was one of the banned ads.

New guidance on cryptocurrencies advertising is being produced by the ASA.

The seven ads were banned for taking advantage of consumers' inexperience and for not showing the risk of the investment.

The companies that had their ads found to have broken the rules were:

A social media page for a trading platform.
eToro is a stock and cryptocurrencies trading platform.
A digital poster for an exchange.
The Exmo Exchange is a video on YouTube.
An in-app ad for Luno.
A paid-for Facebook ad for a platform.
A promotion on the Papa John's website and on the micro-blogging site.

The Papa John's website promotion offered consumers "free Bitcoin worth £10", as well as telling customers: "Save £15 when you spend more than $30 and get $10 worth of Luno!"

The image is from the same source.

The image caption is.

The Papa John's promotion broke the rules.

The firm said it was part of their annual celebration of "Bitcoin pizza day", which is said to mark the trading of two Papa John's pizzas for 10,000 bitcoins in May 2010. The worth of ten thousand bitcoins is more than half a billion dollars.

The company argued that the promotion didn't make any comments on the investment merits of cryptocurrencies.

The chain said that the "free" Bitcoin offer was different from a scenario where a consumer was given the chance to invest their own money in a financial product.

The offer was trivialised by the intended audience who were likely to have limited knowledge of the coin.

The ad for Kraken was seen at London Bridge station on a digital poster.

Although it contained a lengthy disclaimer, the ASA considered that consumers would not have had time to comprehend the relevant information in the disclaimer, and that it was not clear.

The decision comes as politicians are questioning whether or not to run cryptocurrencies on London's trains and buses.

The Advertising Standards Authority is investigating adverts that appeared on the underground for Floki Inu, a so-called "meme coin" named after billionaire Elon Musk's dog.

Floki Inu insists that their ads abide by the rules, despite the fact that the investigation continues.

The bans are part of a larger project that will result in updated guidance for the advertising of cryptocurrencies.

The watchdog's director of complaints and investigations said thatcryptocurrencies are a priority issue.

Companies should make sure that their ads aren't misleading or socially irresponsible by taking advantage of consumers' lack of awareness around complex and volatile products.

Over the next few months, the ASA will review ads for cryptocurrencies, NFTs and fan token as well.

The caption is media.

Is there a future for money?

Advertising standards authority
There is advertising.
It is a form of money called cryptocurrencies.