Luno, a British cryptocurrency exchange, will no longer place a specific Bitcoin (BTC) ad. The bitcoin exchange has promised this after it was rapped by the Advertising Standards Authority (ASA).
The ASA is not a regulator, but a self-regulating organization (SRO) and therefore cannot enforce a legal obligation. Nevertheless, the organization still has a large support base in the advertising world. Luno posted a bitcoin ad on London’s underground system known as the “Underground,” and on buses in February that read:
"If you're seeing Bitcoin on the Underground, it's time to buy."
The ASA received several complaints about this ad. The ad would be misleading as it does not make it clear that investing in bitcoin is risky. The ad would also take advantage of the inexperience and gullibility of potential customers.
“We believe that consumers can interpret the" It's time to buy "statement as a call to action and that the simplicity of the statement gives the impression that Bitcoin investments are simple and accessible. We understand that Bitcoin investments are complex and volatile and can expose investors to losses, and believe this is contrary to the impression given by the ad. For that reason, we conclude that the ad irresponsibly suggests that investing in Bitcoin through Luno is simple and easy, especially considering that the audience it appealed to, the general public, is likely inexperienced in their understanding of cryptocurrencies. ”