In the UK, which is one of the countries that stand out with its harsh attitude towards crypto money exchanges and companies, and where serious restrictions are applied even to advertisements, two advertisements of the Crypto.com exchange were banned.
The first ad, dated September 1, 2021, appeared on the application of the British media Daily Mail, saying “Get Bitcoin instantly with a credit card”.
The second ad was dated July 30, 2021 and appeared on the Love Balls game app. Here, too, there was a phrase in which the promise of “interest up to 3.5 percent” was given. When the user clicked here, the number increased to 8.5 percent in the text that appeared before the user.
In the statement made by the ASA, it was stated that the idea that the rates could increase continuously was intended to be imposed:
“When clients see ‘3.5% annual earnings’ later changed to ‘8.5% annual earnings’, they have the impression that any amount of money invested can go up to the figure shown”
According to the regulator, the risks taken by the customers are not included in the advertisements and the inexperience of the consumer is used. It was also found problematic that the texts praised the investment of crypto money by taking loans, and it was stated that the risks of borrowing were not mentioned in any way.
While Crypto.com was not penalized on the subject, it was requested to make incomplete warnings in future advertisements.
As it will be remembered, an advertising ban came from the institution in December, and the pizza chain Papa John’s was banned along with world-renowned exchanges such as Coinbase, Kraken and eToro.
In the summer, the advertisements of the Luno exchange were again removed from the metro and bus stops on the grounds that they did not sufficiently mention the risks.