The United Kingdomâ€™s Advertising Standards Authority (ASA) has banned Coinfloorâ€™s bitcoin advert for â€œirresponsiblyâ€ promoting investments in the crypto asset. The watchdog claimed the crypto exchangeâ€™s marketing campaign had targeted pensioners who were â€œunlikely to knowâ€ much about the topic. ASAâ€™s ruling comes after the regulator received two complaints concerning the advert.
According to a report, the ASA said it is particularly concerned with the advertâ€™s use of the phrase â€œthere is no point in keeping your money in the bankâ€. While acknowledging Coinfloorâ€™s effort to inform investors of the risks associated with cryptocurrency investment, ASA however, asserts that the exchangeâ€™s disclaimer, which is printed in small print, is â€œinsufficient to counteract the overall messageâ€.
Meanwhile, ASA is also alleging that the advert is â€œmisleading because it had failed to make clear the risks associated with bitcoin investments.â€ The watchdog also assails the advert for not being â€œsocially irresponsibleâ€ because it suggested that purchasing bitcoin was â€œa good or secure way to invest oneâ€™s savings or pension.â€
In its defense, Coinfloor says the advert â€œrepresented the perspective of a customer rather than the companyâ€™s own view.â€ In addition to mentioning that investing in cryptocurrencies involved significant risk, the disclaimer had â€œbeen given sufficient prominenceâ€ argued Coinfloor. However, ASA disputes this and claims that the â€œsmall font size and low positioning of the text meant the details had not been displayed clearly enough.â€
In the meantime, the Northamptonshire Telegraph, in which the advert initially appeared, says â€œit would not publish the ad again unless it was suitably changed.â€
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