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On Wednesday, the UK marketing regulator said it had banned two ads on Crypto. com after filing a complaint.
The first ad, which was shown on September 1, 2021 in the Daily Mail app, contained text that said, “Buy Bitcoins with your credit card instantly.”
The second ad, which was seen on July 30, 2021 in the Love Balls app, promised “up to 3.5% per annum.” The number in the text increased to “8.5%”.
“We understood that consumers would interpret the statement“ Earn up to 3.5% a year ”, which increased to“ Earn up to 8.5% a year, ”as meaning that any deposit can be increased by the maximum indicated amount,” said in the Advertising Standards Authority (ASA).
The regulator added that the ads did not illustrate the risks of the investment, were irresponsible, and exploited the inexperience or gullibility of consumers.
The supervisor also objected to the proposal that consumers should buy cryptocurrency on credit without warning of the danger of going into debt.
There were no fines imposed, only warnings that future advertising should include details that make it clear that the value of an investment in cryptocurrency could go down as well as go up.
The ban complements a host of other regulatory rulings regarding cryptocurrency-related firms. In December, he banned seven advertisements for cryptoassets, calling cryptoassets a “red alert” priority. Companies included the eToro and Coinburp marketplaces; EXMO, Luno, Kraken and Coinbase exchanges; as well as a promotion from the Papa John’s pizza chain.
It also comes amid the Crypto marketing push. com. In November, he signed a 20-year deal with AEG to rename the Staples Center in Los Angeles to Crypto. com Arena. A source familiar with the matter said the deal cost the exchange $ 700 million, making it one of the largest sponsorship deals in sports history.
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