[Blockchain Today Reporter Kim So-yeon] A major UK advertising industry group has halted ads that tell people “it’s time to buy” Bitcoin.
The Advertising Standards Committee (ASA), a self-regulating advertising organization, officially stopped the advertising campaign of the cryptocurrency exchange Luno because it was misleading and irresponsible.
The ASA said on the 26th (local time), “Advertising like this should mention that bitcoin investments are highly risky and highly volatile,” and “should not be maintained in this form.”
Luno’s posters appearing throughout London’s subways and buses this year contain an image of bitcoin, and the phrase “if bitcoin catches your eye on the subway, now is the time to buy it”.
The ASA said, “There have been several complaints about Luno’s advertising, and their posters have failed to express the risk of investing in bitcoin,” said the ASA. “Customers can interpret the phrase’it’s time to buy’ as a call to action. “We took into account that the conciseness of this sentence gives the impression that bitcoin investments are clear and accessible.”
The ASA said that Luno has agreed not to post Bitcoin ads in its current form, and has promised that future ads will be accompanied by a risk warning.
This regulation is about the extreme volatility of the cryptocurrency market, and the reason for this is that Bitcoin fell from its all-time high of $64,000 to about $31,000 in mid-May.
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