The UK bans crypto ads by Coinbase, Papa John’s Pizza, Kraken, and other companies. They claim that the ads are misleading and are taking advantage of customer inexperience. A while back even Google banned crypto ads and Facebook did it as well. But they have now unbanned them in the light of recent development in the industry.
The UK authorities on the banned ads
In total, the UK authorities have banned 7 crypto ads from Coinbase, Kraken, Luni, Coinburp, Exmo, Papa John’s, and Etoro. The common premise of banning the ads was the failure to illustrate the risk of investing in cryptocurrencies. The authorities have also warned that the companies must take down the ads and they mustn’t appear in the same form. Let’s see what the messaging of the ads was to better understand why the authorities might have taken this decision.
As Coinbase is the largest crypto company on the list, first let’s see what their message was. They said that 5 Euros invested in Bitcoin 2010 would have been 100,000 Euros in 2021 January. Don’t miss out on the next decade and get started today on Coinbase. Well, even though the ad is a little optimistic about how this decade might turn out, it doesn’t seem to have anything questionable.
Then there is the Papa Jhon’s ad where they were giving away Bitcoin worth 10 Euros to anyone purchasing over 30 Euros. They also said that users will get this Bitcoin from the crypto exchange Luno. Then there is Luno’s ad which seems to be very simple. It stated that one can buy crypto with as little as 1 Euro. I am not sure what is deceiving in this ad.
Kraken’s ad was also similar to Luno and said that buy 50+ crypto in minutes. Get started with as little as 10 Euros. On the other hand, Exmo’s ad said that “Invest in the world’s top cryptos with one click”. While Coinbase’s ad was a little overoptimistic, the other ones don’t make any big promises and seem to be normal ads.
I hope the UK authorities clarify in a little more detail what was wrong in each ad specifically. What are your thoughts as the UK bans 7 crypto ads? And did any of the messaging seem deceiving to you? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.