A picture of Jakub Porzycki/Nur Photo.
The UK's advertising watchdog banned two promo's for misleading consumers.
The first ad was published in the Daily Mail app in September of 2021. The rate on the fine print went from 8.5% to 9.5%, but the second ad stated that they could earn up to 3.5% per annum.
Both ads were found to be misleading by the Advertising Standards Authority because they failed to demonstrate the risk of the investment and took advantage of consumers' inexperience or credulity.
The first ad didn't make it clear to consumers that using credit cards to purchase cryptocurrencies has limitations. The second ad didn't explain the basis for calculating the earnings forecast.
After learning of the regulators concerns, the ads had been removed voluntarily.
The company is committed to working with regulators around the world to make sure all of their activities are compliant with the most recent guidelines, and appreciated the dialogue and engagement with the ASA.
The first ad of the Singapore platform was about promoting the speed with which users could buy the digital currency.
The second ad was not about the coin itself, but about the yield holders can generate. Existing customers would be aware of the risks associated with investing in cryptocurrencies.
In the year of 2021, government authorities around the world stepped up their enforcement of the space as it ballooned to a $3 trillion industry.
The ads for the fan token of the soccer club were banned by the ASA in December because they failed to highlight the risks associated with the technology. The regulator challenged six firms for their alleged ad violations.
The ad campaign for the company included an ad starring Matt Damon. The company bought the naming rights to the legendary Staples Center in LA, which will be known as the Crypt.com Arena for the next two decades.
Business Insider has an original article.
