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UK Advertising Regulator Issues 'Red Alert' Guidance on Crypto Ads
Summary: According to coindesk, the U.K.'s Advertising Standards Authority (ASA) has issued an enforcement notice to over 50 companies that have advertised cryptocurrency services, advising them to review their ads to make sure they comply with new guidance. The list of 50 includes all firms that have previously been subject to ASA rulings, including Coinbase (COIN), ...
According to coindesk, the U.K.'s Advertising Standards Authority (ASA) has issued an enforcement notice to over 50 companies that have advertised cryptocurrency services, advising them to review their ads to make sure they comply with new guidance. The list of 50 includes all firms that have previously been subject to ASA rulings, including Coinbase (COIN), eToro, Luno and Crypto.com.
The new guidance requires advertisers to clearly state that crypto is unregulated in the U.K. and that the "value of investments are variable and can go down." Additionally, ads must not "state or imply that investment decisions are trivial, simple, easy or suitable for anyone" or "imply a sense of urgency to buy or create a fear of missing out, or that investments are ‘low risk’."
Companies advertising crypto services have until May 2 to ensure their ads meet this guidance, after which non-compliant advertisers will be reported to the financial watchdog the Financial Conduct Authority (FCA).
By Amy Liu
Tags: Ads,ASA,Crypto,Regulator,UK
Link: UK Advertising Regulator Issues 'Red Alert' Guidance on Crypto Ads [Copy]
