UK bans 'time to buy' Bitcoin advert

Wednesday, 26. May 2021 01:58

The United Kingdom Advertising Standards Authority (ASA) ruled to ban Bitcoin advertising posters made by Luno cryptocurrency exchange that say "If you're seeing bitcoin on the underground, it's time to buy." The ad watchdog made the decision after receiving complaints about the promoted message failing to disclose the risks involved and takes advantage of consumers' inexperience.

"We understood that bitcoin investment was complex, volatile and could expose investors to losses. That stood in contrast to the ad. The audience it addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies," said the ASA.

The ban comes a week after the crypto market experienced high volatility with Bitcoin plunging by as much as 30%. In March, the ASA banned a similar Bitcoin advert in a local newspaper that described the cryptocurrency as "digital gold".

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