Several UK-based adverts ran by global cryptoasset trading platform Coinbase has been banned by regulators over its “irresponsible” messaging.
The campaign consisted of several posters and a video on demand (VOD) ad based around the idea that cryptoasset investments could be used to overcome the financial hardships faced by many British citizens.
The VOD featured working adults singing a satirical song about everything being fine whilst facing the financial difficulties of everyday life, with references to the increased cost of living and job losses. The video goes on to display various British scenes in disarray due to an economic crisis.
The final messaging of the advert is the line: “If everything is fine, don’t change anything”, with the idea being that for those struggling financially, crypto investments were a good option to improve your wealth.
The Advertising Standards Authority (ASA) received a total of 35 complaints over the ads, with the primary concern being the trivialisation of the significant risks associated with crypto trading and the inappropriate notion that it was a good solution to existing financial concerns.
Coinbase responded to the complaints claiming that public awareness of the nature and risks of crypto investments had increased, therefore the majority of adults could be considered savvy enough to understand already.
Ultimately, the ASA ruled against Coinbase, claiming that while public awareness of the nature of crypto investments in the UK has increased over the years, the majority of people were not likely to have an in-depth understanding of how cryptocurrencies work.
Moreover, the ASA said that despite the advert clearly being satirical, it was clearly based on real financial concerns likely to be faced by the average consumer, therefore it can be considered “irresponsible” to market crypto investments as a solution to real issues.
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