The UK’s Advertising Standards Authority (ASA) banned the trendy ”time to buy Bitcoin” Luno ads. The country’s officials called them ”irresponsible” and sounded an alarm of caution for inexperienced investors.
No More BTC Ads
The UK’s Advertising Standards Authority introduced severe restrictions for the crypto space in the past year. The British daily newspaper – The Guardian – reported today that ASA continued with its tough stance towards digital assets and banned the popular Luno ads.
The Cryptocurrency app grabbed the watchdog’s attention with its posters displayed at bus and Underground stations in London. ASA described the adverts with the slogan “If you’re seeing Bitcoin on the Underground, it’s time to buy” as highly misleading. It added that the aforementioned ads could lure inexperienced investors into the community without realizing the risks in the field:
”We concluded that the ad irresponsibly suggested that engaging in Bitcoin investment through Luno was straightforward and easy, particularly given that the audience is addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies.”
In its turn, Luno responded that it would feature an ”appropriate risk warning” in future campaigns.
This is not the first time when ASA bans such ads in the UK. Earlier this year, the crypto exchange Coinfloor was restricted due to the same reasons. The regulator back then explained:
”We understood that Bitcoin investment was complex, volatile and could expose investors to losses.”
Hard on Crypto
The United Kingdom takes a rather tough stance towards digital assets trading. As an example, last month, UK banks revealed their intentions to cease all crypto-related operations.
Morten Friis, NatWest’s head of risk committee and board member, categorized the institution’s move as “taking a cautious approach” towards the crypto ecosystem. He outlined “high risks” associated with digital assets and the lack of clear regulations as the primary reasons for the retreat:
”We have no appetite for dealing with customers, whether taking them on as new clients or having an ongoing relationship with people, whose main business is backed by an exchange for cryptocurrencies or otherwise transacting in cryptocurrencies as their main activity.”
Earlier this month, Bank of England Governor – Andrew Bailey – went further and warned that individuals who invest in digital assets risk losing all their money. Moreover, he added that the words ”crypto” and ”currency” should not be put together, suggesting that ”cryptoassets” is a more appropriate phrase.