A crypto trading app called Luno was told to remove their ads featured on the London tube, in a ruling by the UK Advertising Standards Agency (ASA) earlier this week.
Billboard Considered Misleading
The investigation by the ASA came in the wake of 3 separate complaints formulated by anonymous individuals. Although all 3 complaints were based on the fact that not enough warning is given to consumers regarding the perils of a notoriously volatile market, one of the complaints hinted that perhaps the ad was taking advantage of inexperienced consumers outright.
It’s important to note that the ASA did not consider Luno’s advertisement malicious. Rather, they were asked to change their ad which could give people the impression that cryptocurrencies are easy to invest in and a surefire way of making money.
DOYR
As always, DYOR (Do Your Own Research) applies more than anywhere else when it comes to cryptocurrencies. However, the ad simply stated: “If you’re seeing Bitcoin on the underground, it’s time to buy.”.
According to the ASA, this could be taken as investment advice, leading to unfortunate events if misunderstood.
“The ads gave the impression that bitcoin investment was straightforward and accessible, when it is in fact complex, volatile, and could expose investors to losses. We therefore concluded that the ad was misleading.”
Luno did not contest the decision and informed the ASA that future advertisements would be designed differently, and clearly feature an appropriate risk warning.
Although success stories and saucy jokes about boating accidents and Lambos abound, there is an equally large number of tales of unfortunate wipeouts by those who did not follow the DYOR rule – and hopefully, the decision regarding this ad will help cut down on the latter.
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