The Advertising Standards Authority (ASA) has banned seven examples of cryptocurrency marketing, after proactively monitoring the crypto craze sweeping the world.
The examples include a Twitter post by pizza delivery brand Papa John’s that offered “free Bitcoin” in partnership with cryptocurrency exchange Luno. It was deemed to be irresponsibly trivialising investment in cryptocurrency and taking advantage of consumers’ lack of experience.
Luno’s marketing has already fallen foul of the ASA. In July, its out-of-home campaign featuring the tagline “If you’re seeing Bitcoin on the Underground, it’s time to buy” was banned.
The ASA’s other bans covered specialist companies such as cryptocurrency exchange Coinburp, which was reprimanded over its Twitter bio for irresponsibly taking advantage of consumers’ lack of experience and for failing to illustrate the risk of the investment.
Banned for the same reason were a digital poster for online cryptocurrency exchange, Payward, a YouTube video for Exmo Exchange, an in-app ad for Luno Money, a paid-for Facebook ad for Coinbase Europe and a paid-for display ad for eToro.
The ASA said it will continue to review cryptoasset ads over the next few months.
It has clarified that it will police not only cryptocurrencies but also non-fungible tokens (NFTs) and fan tokens, which will feed in to its future enforcement work and guidance.
On the seven rulings, Miles Lockwood, director of…