The bitcoin advert from Coinfloor has been banned by the Advertising Standards Authority (ASA) from the United Kingdom. The ASA is taking action against the advertised that are involved in promoting crypto-asset investments irresponsibly. The watchdog has revealed that the group targeted, were pensioners by the market campaign of the crypto-exchange who didn’t have much knowledge about the topic to begin with.. ASA’s ruling comes after the regulator received two complaints concerning the advert.
It is quite usual to see and read the adverts in Cubes, streets and several stations in the UK. However, for the past 2 to 3 years, crypto adverts have been appearing all over the place in the UK. Not only the residents but also the Government is wary of them and have been growing concerns for since long.
Firstly the adverts were related to Bitcoin, Ethereum, and other cryptocurrencies but now there are also adverts referring to crypto trading platforms.
One such crypto trading platform of the UK is Coinfloor, which is nowadays heavily publicizing its platform. It wouldn’t be odd for anyone living in or traveling to the UK if he is stumbled upon Coinfloor’s adverts.
However, the authorities are not willing to tolerate it anymore and have started to take actions for getting rid of unnecessary adverts.
The supervisory authority who looks after the affairs of adverts is the Advertising Standards Authority (ASA) of the UK. The first action in this endeavor was taken by ASA against Coinfloor in which the authority has imposed a ban on Coinfloor’s adverts.
It was reported that there was an advert belonging to Coinfloor which did not appeal to the UK’s watchdog. Instead, the authority took extreme action and banned the controversial advertisement.
Apparently, within the advert, a message was given which actually caught the attention of the watchdog. Through the message, Coinfloor was suggesting to the public that there is no use of keeping or depositing their monies with the banks. Though at the end of the advert, Coinfloor made full disclosure about crypto trading and its potential risks but even that didn’t help. The advert was considered “not good” and labeled as “irresponsible promoting” by the authority.
Later on Coinfloor objected to the ban by raising the argument of “disclaimer” but the argument was turned down completely. Instead, the authority claimed that the disclaimer was not sufficient at all to support the advert slogan as well as the message.
Thereafter, the authority further alleged that the message in the advert was “misleading”. The authority claimed that the promoter failed to substantiate the risks associated with Bitcoin and/or in fact crypto trading. Further objections were also raised against Coinfloor and its adverts such as being socially immoral and irresponsible, unnecessary and uncalled for, etc.
On the other hand, Coinfloor argued that the advert and the message contained therein was the perspective of a customer. It has nothing to do with the policy or slogan of the company at all, claimed Coinfloor. While Coinfloor has a lawful right to raise objections, however, directions have been passed by ASA for getting rid of the adverts immediately.