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Another ‘Irresponsible’ Bitcoin Advert Has Been Banned

by : Hannah Smith on : 26 May 2021 12:54
Another 'Irresponsible' Bitcoin Advert Has Been BannedBitcoinsLondon/Twitter/PA Images

An advert encouraging passengers on the London Underground to buy Bitcoin has been slammed as ‘irresponsible’ by regulators.

The Advertising Standards Authority (ASA) has banned a poster that appeared in several stations across the stations and read, ‘If you’re seeing Bitcoin on the underground, it’s time to buy.’

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The ad, which was placed by online cryptocurrency exchange Luno, did not adequately warn viewers of the risks of buying into Bitcoin, and instead misleadingly ‘gave the impression that Bitcoin investment was straightforward and accessible’, the ASA said.

Misleading cryptocurrency ads banned from London Underground (PA Images)PA Images

The ruling continues:

We understood that Bitcoin investment was complex, volatile and could expose investors to losses. That stood in contrast to the ad. The audience it addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies.

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The ASA also pointed out that neither Luno or Bitcoin are protected by regulators, leaving investors exposed to even higher levels of risk than in standard trading.

Luno said it had removed the ad, and would ‘ensure that future Luno adverts feature an appropriate warning as to the risks of cryptocurrency’.

Regulators warned that Bitcoin is highly volatile (PA Images)PA Images

The BBC reports that a number of similar ads have been banned by the ASA in recent months, as investment platforms seek to capitalise on the growing interest in cryptocurrencies like Bitcoin.

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In March, a newspaper advert that described Bitcoin as ‘digital gold’ and told readers ‘there is no point in keeping your money in the bank’ was also rejected as ‘irresponsibly’ suggesting that notoriously volatile cryptocurrencies were a ‘secure investment’.

Bitcoin has seen its value drop by more than 50% in the past month, falling from a record high of $64,829 to a low of just above $30,000.

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Topics: Technology, Bitcoin, cryptocurrency, Now

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BBC and 1 other
  1. BBC

    'Irresponsible' London Underground Bitcoin advert banned

  2. Bitcoins London/Twitter

    Bitcoins London