The Advertising Standards Authority (ASA) will strengthen its oversight of crypto-themed advertisements. That was stated by Miles Lockwood, head of complaints and investigations at the ASA.
According to him, already in July, the regulator will take several "serious measures" to find and eliminate misleading advertising of cryptocurrencies. Lockwood also notes that cryptocurrencies have become a priority of the regulator in the financial direction.
However, in connection with what the strengthening of supervision is connected, Lockwood did not elaborate. The ad regulator's attention to cryptocurrencies has intensified after the UK Financial Conduct Authority (FCA) issued a warning to Binance-affiliated entities. Later, local large British banks began blocking money transfers to the crypto exchange.
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For the ASA itself, the pursuit of the crypto market is nothing new. At the end of May, the ASA had stepped up ads for the crypto app from Luno Money due to "irresponsible" and "misleading" statements. Then the main complaints were related to the fact that advertising did not warn about the risk of investing in cryptocurrencies.