UK Bans Luno’s ‘time To Buy Bitcoin’ Ads, Calls Them “irresponsible”

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اپنی دولت کو محفوظ رکھیں: کریپٹو انڈیکس فنڈ میں سرمایہ لگائیں

The UK’s Advertising Standards Authority (ASA) has banned a series of popular بٹ کوائن ads in the country citing irresponsibility, a report on national news outlet گارڈین آج کہا

UK کے اشتہاری ریگولیٹرز نے Luno کو ٹیوب پر اس کے پوسٹرز سے کہا، 'اگر آپ Bitcoin کو زیر زمین دیکھ رہے ہیں، تو یہ خریدنے کا وقت آگیا ہے' گمراہ کن ہیں کیونکہ انہوں نے 'غیر ذمہ دارانہ طور پر تجویز کیا کہ Luno کے ذریعے Bitcoin کی سرمایہ کاری میں مشغول ہونا سیدھا اور آسان تھا'۔ https://t.co/l2v27yA0M4 pic.twitter.com/J4gfMRjXl3

- آدم شمسن (@ ایڈمسن) 26 فرمائے، 2021

Hard on crypto

The ASA had previously banned similar ads by crypto exchange Coinfloor in March this year, terming them “socially irresponsible.” It has taken a similar vein for the London-based crypto services firm Luno this time, stating the ads failed to provide adequate information about the risks involved in crypto investing to newbies.

“We understood that Bitcoin investment was complex, volatile and could expose investors to losses,” the authority said, adding:

“That stood in contrast to the ad. The audience it addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies.”

The ad campaign was banned particularly for breaching the UK advertisement code on misleading and irresponsible advertising.

What did Bitcoin do now?

The so-called ‘high-profile’ campaign began back in December last year and saw ads plastered across London’s expansive Underground system and bus networks. The ads featured this tagline, or a variation of this tagline: “If you’re seeing bitcoin on the underground, it’s time to buy.”

#bitcoin ads in 🇬🇧 UK. Courtesy of Luno exchange. ٹویٹ ایمبیڈ کریں pic.twitter.com/yYOZ8ULh9R

— Ameero (@ameero1) جنوری۳۱، ۲۰۱۹

But the complaints flowed in shortly afterward. The public said such ads did not represent the many risks that investing in cryptocurrencies presents—the market fell nearly 40% in the past week compared to January highs—and was hence ‘misleading.’ Bitcoin and crypto trading, in addition, the complaints added, were unregulated.

ASA ruled in favor of the complaints, stating Luno’s choice of ads placements, i.e. public transport, meant it targeted financial novices who may need more education on the risks of investing in cryptocurrencies.

The authority added that the apparent simplicity of the “it’s time to buy” statement “gave the impression that Bitcoin investment was straightforward and accessible.”

Meanwhile, Luno said that it would feature an “appropriate risk warning” in future campaigns, the report noted.