UK bans crypto advertising from Papa John's Pizza, Coinbase, Etoro, Luno, Kraken – regulation

The UK advertising watchdog has banned several cryptocurrency ads, including those from Papa John’s Pizza, Coinbase, Kraken, Etoro and Luno. The agency says the ads are “misleading” and “irresponsibly exploit consumers’ inexperience.”

7 Crypto Ads Banned by UK Authority

The Advertising Standards Authority (ASA) banned seven cryptocurrency advertisements on Wednesday. The ads are for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp and Exmo.

After the review, Britain's advertising watchdog says the ads are "misleading" and "irresponsibly exploit consumers' inexperience and fail to demonstrate the risk of the investment."

As well as giving specific instructions to each company on what they must do to comply with their advertising standards in the future, the ASA ordered in all cases:

The advertisements may not appear again in the form in question.

Papa John’s Pizza’s ad was a promotion on its website and Twitter. The famous pizza chain was Give away Bitcoin with purchases in May. The company advertised “free £10 worth of Bitcoin”. With a purchase of £30 or more, customers would save £15 and receive £10 worth of Bitcoin from crypto exchange Luno.

Coinbase's ad was a paid Facebook ad. It included text that read: "£5 in Bitcoin in 2010 would be worth over £100,000 in January 2021. Don't miss out on the next decade - get started with Coinbase today."

Luno's ad was an in-app ad that appeared on the Daily Mail Online app. It included text that said: “Invest in crypto for just £1.” This wasn't the first time the ASA had an issue with Luno's ads. The authority forbidden the exchange’s “Time to Buy” Bitcoin ads on London buses and the subway in May.

Payward's ad was a digital poster for its crypto exchange Kraken, which was featured at London Bridge station. It included text that said: “Buy 50+ crypto in minutes,” “Get started with just £10,” and “Build digital wealth and buy crypto on the go.”

Etoro's ad was a paid display ad on the Yahoo Finance website. It included text that said: “Invest in the world’s best cryptos in one click.”

Exmo's ad was a video on the Wingin' It! Paul Lucas' YouTube channel. The video's description included the text: "Download Exmo now and save tons of trading commissions! Exmo has received a temporary registration to conduct crypto asset activities."

The seventh ad banned on Wednesday was a Twitter page for crypto trading platform Coinburp that included a bio section that said: "Register in minutes, deposit instantly, then make super easy and safe crypto trades."

In November the ASA started an investigation into the promotion of the cryptocurrency floki inu (FLOKI). The adverts, titled "Missing Doge? Get Floki", appeared on London buses and the Tube.

What do you think about the UK Advertising Authority banning crypto advertising? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the interface between economics and cryptography.

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