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U.K Advertising Regulator ASA Bans Ads for Kraken, Coinbase and Luno Exchange

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  • U.K’s Advertising Standards Authority (ASA) bans several crypto exchange ads.
  • Banned crypto ads include that of Kraken, Coinbase, Luno exchange and much more.
  • ASA terms that the ads are misleading for the end user.

The United Kingdom does indeed truly look towards the betterment of its people. With regards to this, the Advertising Standards Authority (ASA) of the United Kingdom has banned the ads and ad based campaigns of several prominent global crypto exchanges. Accordingly, on December 15th, the ASA has officially announced the ban of several ads of various crypto exchanges, as they deviate from their standards and regulations.

Besides, ASA also quotes that they are actually trying to take advantage of consumers who are unaware of what crypto is and risks involved with it.

The Kraken Ban

Kraken promoted itself through a digital poster which could be seen at London Bridge station not anymore though! Accordingly, ASA states that the risk disclaimer in the digital poster ran for just a second and so people wouldn’t be able to get a glimpse of it properly.

In addition, ASA points out that the ad ran for 20 seconds, whereas the disclaimer ran just for a second. This inturn points out that Kraken is not ready to acknowledge the risks involved with crypto investments.

The Coinbase Ban

Likewise, around mid of 2021, Coinbase of Europe branch ran a Facebook ad in July 2021. In the ad, it mentioned that five pounds investments in Bitcoin (BTC) would be100,000 pounds in January 2021.

In spite of this, the ASA acknowledges that, may the fact be actually true, the same may not be guaranteed for the future. Furthermore, ASA questioned, what will.be the outcome if the same level of surge doesn’t occur for BTC in the next decade!

The Luno Exchange Ban

As all the other previous ones, Luno Exchange too faced the same consequences. This is due to the ad it ran around May in London buses and London Underground network. The ad reads that if one sees BTC on the Underground, it’s time to buy it.

Hope anyone here can understand the link between London Underground network’ and ‘BTC on Underground’!

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