UK Watchdog Bans Coinbase Ads Over Cost of Living Claims
The United Kingdom's Advertising Standards Authority (ASA) banned advertisements from cryptocurrency firm Coinbase after finding they "trivialized the risks of cryptocurrency" and implied that investing in crypto could ease people's cost of living concerns, according to the BBC. The ASA upheld complaints against a series of Coinbase ads that ran in August, which depicted the UK in disrepair alongside a satirical slogan and the exchange's logo.
The watchdog took issue with the ads because they suggested crypto investments could alleviate financial pressures amid rising living costs. The ASA emphasized that cryptocurrency is largely unregulated in the UK, making such claims misleading and irresponsible.
Coinbase expressed disagreement with the ASA's decision, according to the BBC.
This ruling comes as governments and regulatory bodies worldwide are grappling with how to oversee the burgeoning cryptocurrency market and protect consumers from potential risks.
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