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Advertising Standards Bureau, BBC, Bitcoin, Bitcoin (BTC), Bitcoin Investment, BTC, Coinfloor, crypto assets, crypto exchanges, cryptocurrencies, disclaimer, high risk
The Advertising Standards Agency (ASA) prohibits Coinfloor’s Bitcoin advertisements from “irresponsibly” promoting investment in crypto assets. The regulator claims that the crypto exchange’s marketing campaigns are aimed at pensioners who are “unlikely” to know a lot about the subject. The ASA’s ruling was made after the regulator received two complaints about advertising.
According to a report, the ASA said it paid particular attention to the phrase used in the advertisement to “deposit money in the bank without meaning.” The ASA acknowledged Coinfloor’s efforts to inform investors about the risks of cryptocurrency investments, but the ASA claimed that the exchange disclaimer printed in lowercase is “not enough to offset the overall information”.
At the same time, ASA also claimed that the advertisement was “misleading because it failed to clearly indicate the risks associated with Bitcoin investment.” The regulator also warned that it is not “socially irresponsible” because it implies that buying bitcoin is “a good way to invest in savings or pensions.
In its defense, Coinfloor said that the advertisement “represents the customer’s point of view, not the company’s point of view.” In addition to mentioning the significant risks involved in investing in cryptocurrency, the disclaimer “has been given sufficient attention,” Coinfloor believes. However, the ASA disagrees with this, claiming that “small fonts and low text placement mean that the details are not clearly displayed.”
At the same time, the Northamptonshire Telegraph, where the advertisement first appeared, said: “Unless appropriate changes are made, it will not publish the advertisement again.”
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