
Striking the right balance between work and freedom
The coronavirus pandemic has prompted us to rethink how we work in so many ways, including where we work — whether …
May 27, 2021: -An advertising campaign that tells people in the U.K. “it’s time to buy” bitcoin is now banned by the advertising regulator of the nation for being irresponsible and misleading.
Posters for cryptocurrency exchange service Luno, shown across the London Underground network and on London buses this year, contained a cartoon image of a bitcoin with the words “If you see Bitcoin on the Underground, it’s time to buy.”
On Wednesday, the Advertising Standards Authority (ASA) banned and said that the ads must not appear again in their current form and failed to highlight the risks.
It came a week after the price of bitcoin collapsed by 30% in a day, which left many retailer investors who had bought bitcoin significantly out of pocket. It also came after the Bank of England governor said cryptocurrency investors should be ready to lose all their money.
The watchdog also says that it received four complaints concerning the ad. Three of them were from people who say it failed to illustrate the investment risk and accused it of being misleading. One said the ad took advantage of consumer’s inexperience or credulity.
“We considered that consumers would interpret the statement ‘it’s time to buy as a call to action and that the simplicity of the statement gave the impression that investment of bitcoin was straightforward and accessible,” the ASA added.
The regulator added, “bitcoin investment was complex, volatile, and could expose investors to losses and considered that stood in contrast to the impression given by the ad, that investment was simple and conventional.”
“For that reason, we conclude that the ad irresponsibly suggested that engaging in bitcoin investment through Luno was straightforward and easy,” it
further said.
It said Luno to ensure that its future marketing communications make “sufficiently clear that the value of bitcoin investments was variable and could go down and up.” They must also highlight that Luno and the bitcoin market are unregulated.
Luno allowed not to share the ads in their current form again and pledged to ensure that future ads carry an appropriate risk warning, the ASA said.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said in a statement that regulators are becoming increasingly concerned about the risks that cryptocurrency investments can pose to consumers.
“Cryptocurrencies are very complex and are highly difficult to value, not least because the rules of the game can change so quickly,” she added.
The coronavirus pandemic has prompted us to rethink how we work in so many ways, including where we work — whether …
Many countries are now welcoming employees back to work after a long period of uncertainty caused by the …
People who have an entrepreneurial mindset learn to spot new opportunities and create value inside a business naturally and …
COVID-19 has made routine modern-day disruptions for businesses even more challenging, impacting everything …
Innovations must be unconventional and ought to push boundaries. Innovation-driven people are …
COVID-19 changed the corporate environment in the blink of an eye, highlighting a vital, often misunderstood truth: that to …
June 30, 2022: -On Tuesday, NATO Secretary-General Jens Stoltenberg said that the most powerful military alliance …
June 30, 2022: -A U.S. Federal Communications Commission leader said that he had asked Apple and Google to remove …
June 30, 2022: -On Wednesday, Bitcoin decreased below $20,000 as several factors, from macroeconomic worries issued …
June 29, 2022: -Siemens Mobility is also a few hydrogen-powered trains for a network in the Berlin-Brande …
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you