UK Advertising Standards Authority Banned "Tricky" BTC Ad

by in Cryptocurrency News

UK Bitcoin ad

UK advertisements regulator forbade a newspaper ad given by crypto trading platform Coinfloor. The reason for the ban was the irresponsible promotion of BTC as an investment to pensioners.

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The ad was posted in a December release of the local newspaper the Northamptonshire Telegraph.

A member of the public complained that it has a misleading nature. Afterwards, the investigation began.

The ASA found a number of phrases in the post that it considers confusing. The ad targeted elderly people and described a situation where a 63-year-old woman made up her mind to invest in BTC instead of putting the money in the bank. The pensioner announced she believed Bitcoin to be digital gold.

Complaints mentioned that the ad was misleading and unreliable as it didn't inform about the risk of investing in BTC. Coinfloor answered the accusations noting that in the ad a client stated her opinion and not that of the company's.