• Thu. Feb 29th, 2024

Cryptocurrency Advertisements Classified as “Red Alert” by UK Advertising Regulator

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Jul 10, 2021

It is no longer uncommon that the regulatory authorities in the United Kingdom are strictly against the cryptocurrency industry. The regulatory authorities in the United Kingdom have been dealing with cryptocurrencies very strictly.

The cryptocurrency firms are facing constant scrutiny from the regulators’ end in the United Kingdom. At present, it is Binance that is under the radar of the UK Financial Conduct Authority (FCA) for regulatory investigation around AML guidelines.

Right when the regulators continue taking action against the cryptocurrency firms, another regulatory authority has decided to hit the hammer on cryptocurrencies. According to reports, it is the major organization from the advertising industry that has decided to carry out a carry out on cryptocurrencies.

However, instead of carrying out a direct crackdown on the cryptocurrency firms, it has taken an action against the advertising sector for cryptocurrencies.

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According to reports, it is the Advertising Standards Authority (ASA) in the United Kingdom that has landed a new blow to the cryptocurrency industry. The ASA exists a regulator for advertisements, which operates independently.

The ASA has announced that it is planning to launch its efforts to take down cryptocurrency advertisements that are misleading. As per the authority, the internet is currently occupied with advertisements related to cryptocurrencies.

Since late 2020, the cryptocurrency industry has observed a lot of user base and adoption all over the world. No matter the internet platform, it is occupied with advertisements pertaining to several cryptocurrencies and firms.

According to the Advertising Standards Authority, a large number of crypto-advertisements being posted through these platforms are fake. These advertisements are misleading and direct users to scamming and fraudulent cryptocurrency firms.

Since the start of 2021, many users have complained about getting lured by such advertisements. They end up making investments at the wrong cryptocurrency firms that promise huge profits and gains. With time, the number of such complaints is on the rise and something needs to be done in order to contain this problem.

The director of complaints at ASA, Miles Lockwood talked about their course of action to face and shut down such fraudulent and misleading advertisements. According to Lockwood, they have been working out a strategy to deal with such matters.

They have come to a conclusion, which would involve ASA targeting advertisements from cryptocurrency firms that are irresponsible. They will make sure they takedowns such advertisements from social media and other online platforms.

Lockwood stated that this is a very critical situation as the cryptocurrency firms and scammers have gained so much confidence that they are constantly targeting internet users.

By offering attractive services, benefits, and profits, these firms have started luring internet users to their platforms. Therefore, the regulatory authority has taken the necessary steps to contain the situation and make it better.

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