A major advertising industry organization in the UK has ruled an advertising campaign telling people that “it’s time to buy” Bitcoin (Bitcoin).
Self-regulated advertising organization Advertising Standards Bureau was formally established Stop An advertising campaign by the cryptocurrency exchange Luno was misleading and irresponsible.
ASA said on Wednesday: “Advertisements must no longer appear in the form of complaints.” He pointed out that such advertisements should mention that Bitcoin investment is highly volatile and therefore highly risky.
Luno’s advertising poster, displayed on the London Underground network and London buses this year, contained a picture of Bitcoin that read: “If you see Bitcoin underground, you should buy it.”
ASA said that it has received several complaints about Luno advertising, and people emphasized that their posters cannot explain the risks of Bitcoin investment. ASA said: “We believe that consumers will interpret’time to buy’ as a call to action, and the simplicity of this expression gives the impression that Bitcoin investment is simple and easy.”
Authorities wrote that, on the contrary, Bitcoin investment is “complex and volatile, and may cause investors to suffer losses, and believes that this is contrary to the impression given by advertisements that investment is simple and traditional.”
ASA stated that Luno agreed not to publish its Bitcoin advertisements in its current form, and promised to ensure that future advertisements will carry appropriate risk warnings.
The latest regulatory actions are carried out in the following context: The cryptocurrency market is extremely volatile, Bitcoin fell from its historical high of $64,000 in mid-May to around $31,000.
As previously reported by Cointelegraph, cryptocurrency advocates have been distributing more Bitcoin ads around the world.In September last year, the Hong Kong Bitcoin Association launched a “Bitcoin Tram” advertising campaign in Hong Kong, which included some advertisements Put it in front of HSBC Headquarters And the word “become your own bank” is displayed.