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Sunday, March 19, 2023

UK Regulator Issues Crypto Ads Notice to 50 Firms – Says This Is a Red Alert Priority

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UK Regulator Issues Crypto Ads Notice to 50 Firms – The Advertising Standards Authority of the United Kingdom has issued an enforcement notice to over 50 companies that promote cryptocurrencies. The regulator stated, “We will monitor for compliance and issue sanctions if we do not see improvements.”

The Advertising Standards Authority (ASA), the UK’s advertising regulator, declared Tuesday:

“Over 50 companies that market cryptocurrencies have received an enforcement warning from us, ordering them to check their adverts and ensure that they understand and are following the regulations so that customers are treated fairly.”

The enforcement notice instructs the crypto industry on how to follow the rules and warns that if compliance is not improved, they will monitor compliance and impose consequences.”

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Also Read: Russian Banks Told to Track Crypto-Related Transactions Amid Currency Restrictions

“The notice relates to advertisements for crypto exchanges, cryptocurrencies, and adverts or campaigns that otherwise include the transfer, supply, or sale of cryptocurrencies, whether they are targeted at UK consumers or are targeted globally on behalf of UK-based marketers,” the watchdog explained.

Advertisers must clearly mention that cryptocurrencies are uncontrolled in the United Kingdom and that the value of crypto assets may decline, according to the ASA. They also can’t say or imply that cryptocurrency investment decisions are “trivial, easy, straightforward or suitable for everybody.”

Advertisements must also not convey a sense of haste to acquire or induce a fear of missing out, nor should they indicate that investments are low-risk.

The country’s advertising watchdog has been cracking down on deceptive cryptocurrency advertisements. The regulator banned marketing for the floki inu (FLOKI) cryptocurrency earlier this month. Tesla CEO Elon Musk’s shiba inu puppy was the inspiration for the coin.

The ASA prohibited seven crypto commercials for Papa John’s Pizza, Kraken, Coinbase, Etoro, Coinburp, Luno, and Exmo in December of last year.

Also Read: Ron Paul Cautions Government Could Still Ban Bitcoin – Says He’s Influenced a Whole Lot by History

According to the ASA,

We’ve just blocked multiple crypto advertising for misleading consumers and being socially irresponsible, and this is a ‘red alert’ priority issue for us.

The advertising regulator said it is cooperating with the Financial Conduct Authority (FCA) to punish those who break the laws.

“We will perform follow-up monitoring and, if problem ads remain beyond 2 May, we will take targeted enforcement action,” the ASA said.

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