The Uk’s independent regulator the Advertising Standards Authority (ASA) has increased their vigilance of crypto adverts according to Miles Lockwood, director of complaints and investigations at the ASA.
With the regulation of cryptocurrency becoming a priority for regulators worldwide, the UK’s advertising regulator has recently announced that they are conducting proactive monitoring and interventions, recently banning several adverts relating to cryptocurrencies.
Miles Lockwood, director of complaints and investigations, noted:
“Consumers need to know about the risks of investing in cryptoassets and companies should make sure that their ads aren’t misleading or socially irresponsible by taking advantage of consumers’ lack of awareness around these complex and volatile products.
He added:
“Cryptoassets are a red-alert priority issue for us, so we’re conducting proactive monitoring and interventions where we find issues. We won’t hesitate to take action against ads that break our rules. We encourage anyone with any concerns about ads they’ve seen to get in touch.”
The comments from Lockwood follow a number of recent bans by the UK watchdog, including Coinbase, Kraken, eToro, Exmo, Coinburp, and Luno, that were the result of a series of complaints. Adverts that were perceived to be “misleading” or “unsubstantiated” were deemed non-compliant by the regulator, which is in the process of strengthening current guidelines governing crypto advertisements.
With increased government scrutiny of the sector, ‘bans’ and investigations of crypto companies and their activities seems to be the new normal. The monitoring of crypto ads in the UK will include follow-up enforcement in the new year, and will provide greater regulatory clarity that is likely to be accompanied by a greater governmental oversight and regulation of the industry.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
