UK advertising watchdog flags crypto ads ‘red alert’ priority

UK advertising watchdog flags crypto ads ‘red alert’ priority

Amid the United Kingdom taking a tougher regulatory stance on the cryptocurrency industry, a major local advertising industry organization has announced a crackdown on crypto ads.

The Advertising Standards Authority (ASA), the U.K.’s independent advertising regulator, plans to launch a major effort this month to hunt and shut down misleading crypto adverts, the Financial Times reported Friday.

Our top trading bots

Miles Lockwood, ASA’s director of complaints, said that the authority would particularly target irresponsible crypto ads shown online and on social media platforms, adding:

“We see this as an absolutely crucial and priority area for us. Where we do find problems, we will crack down hard and fast.”

Lockwoodelaborated that the ASA has identified crypto ads as a “red alert” priority over financial adverts. As such, the regulator is now increasing its capacity to track suspect ads online using technology like scraping and artificial intelligence. The ASA is also working with big tech platforms to get scam adverts taken down as part of a separate effort. The authority also plans to issue warnings and may require players to include disclaimers in their advertisements.

“We do recognise that there are some types of media that we haven’t been able to address fully until now,” said Louise Maroney, who leads financial complaints for the ASA.

Related: UK regulator warns against 111 unregistered crypto companies... and FOMO

According to the report, the ASA has renewed its efforts to supervise crypto ads because most crypto investments fall outside the scope of the U.K.’s strict rules for promoting traditional financial products. This year, the authority has been paying much attention to ads in the crypto industry, taking down some adverts by crypto exchanges like Luno and Coinfloor.

Despite the ASA’s increasing attention to the crypto ad industry, the U.K.’s major financial regulator, the Financial Conduct Authority, does not believe that crypto investment is mostly driven by ads. “Only a minority of people buy digital coins based on advertising, but those who do so tend to have worse outcomes,” the FCA wrote in its crypto consumer research released in mid-June.

Continue reading at Cointelegraph
Bitcoin falls back below $38,000 as Amazon denies imminent crypto plans
By Samuel IndykInvesting.com – After breaching $40,000 on optimism that Amazon might imminently begin accepting cryptocurrencies as payment on its site,...
$13K Bitcoin price predictions emerge with BTC falling below historic trendline
Bitcoin (BTC) prices broke below a long-standing support wave that was instrumental in keeping its strong bullish bias intact after March 2020's crypto...
FTX crypto exchange integrates institutional trading tool ClearLoop
FTX has become the latest crypto exchange service to join ClearLoop — an instant trading settlement infrastructure from Brevan Howard-backed Copper.co.As...
BarnBridge unveils application to maintain portfolio weightings of ERC-20 tokens
Decentralized finance protocol BarnBridge has introduced an application that allows users to automate position management between Ethereum-based assets.On...
HK production company plans to launch crypto-themed drama series on NFTs
A production and investment firm is launching a drama series on nonfungible tokens featuring a competition between Hong Kongers and Americans to create...
Southern China warns investors against illegal token platforms
Following China’s major regulatory crackdown on cryptocurrencies, financial regulators in Hainan, the smallest province in the country, reportedly issued...
Ethereum has strong fundamentals, so why are pro traders bearish on ETH?
Ether (ETH) has outperformed Bitcoin (BTC) by 32% since May, and even though there has been a steady flow of bullish reports from JPMorgan Chase and Goldman...
NFT sales down 90% since market peak
The nonfungible token wing of the crypto space has declined even more rapidly than the broader market in the past month or so after sales of NFTs sank 90%...
Digital yuan conceived to counter Alipay-like platforms, says former PBoC executive
China’s digital yuan will utilize smart contracts, and will be built to counter Alipay-like payment platforms designed by the privately-owned conglomerates,...
Ethereum Falls 10% In Selloff
Investing.com - Ethereum was trading at $3,680.97 by 15:20 (19:20 GMT) on the Investing.com Index on Saturday, down 10.01% on the day. It was the largest...
Canadian firm files final prospectus for Bitcoin ETF
After putting the matter to a vote amongst the unitholders of its Bitcoin trust, Toronto-based investment manager Ninepoint Partners has filed its final...
Bitcoin caught in the crossfire as Turkish opposition leader voices support
Shortly after a Friday morning “diktat” from Turkey’s freshly-appointed central bank governor that effectively banned any and all use of cryptocurrency...
XRP Jumps 26% As Investors Gain Confidence
Investing.com - XRP was trading at $0.89403 by 00:46 (04:46 GMT) on the Investing.com Index on Tuesday, up 26.11% on the day. It was the largest one-day...
Payments firm Nuvei launches support for 40 cryptos including Reddcoin and DOGE
E-commerce merchants can now transact in nearly 40 cryptocurrencies through global payment platform Nuvei. According to the announcement, merchants partnered...
Ratings Firm Grades Ether Higher Than Bitcoin, Kindles Online Backlash And a Cyberattack
Recently, Weiss Ratings released the first evaluation of digital currencies, including the most outstanding ones as bitcoin and ether. The firm claims...