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Six crypto companies are cracked down on “irresponsible” advertising

The UK’s leading ad guard is cracking down on crypto ads that the agency says is taking advantage of customers’ naivete.
The Advertising Standards Authority (ASA), the UK’s independent advertising regulator, banned seven crypto-related ads in a series of rulings on Wednesday.

Six of the bans are directed against crypto exchanges, including Coinbase Europe, Kraken, Coinburp, Luno, EXMO and eToro. The UK regulator accused each of the ads of failing to illustrate the risks of investing in cryptocurrency.

The ASA also said the ads were “irresponsible because” [they] has taken advantage of the inexperience or gullibility of consumers ”. The regulatory authority prohibits any company from continuing to display the advertisements.

In addition, the ASA banned an ad by the Papa John’s pizza chain that tweeted “make pizza £ 10”. [$13.25] in the value of Bitcoin (BTC). “

The chain also tweeted that it “has partnered with @LunoGlobal to offer £ 10 worth of Bitcoin for FREE”. [$13.25] for any pizza over our ‘£ 15. was bought [$19.88] off when you spend £ 30 [$39.76]’. ” Papa John posted a similar ad on his website.

The ASA has banned the ads for allegedly exploiting the “inexperience or gullibility” of consumers and creating a marketing that “invests in Cryptocurrencies trivialized “.

Papa John’s reportedly argued that in anticipation of “Bitcoin Pizza Day” in May, they “took the action to raise awareness of the link between cryptocurrency and pizza”.

Bitcoin Pizza Day commemorates May 22, 2010, the day an early crypto user spent 10,000 BTC on two Papa John’s pizzas. That amount of Bitcoin is now worth approximately $ 490 million at the time of writing.
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Source: Crypto News Deutsch

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