Bitcoin advert banned in the UK by ASA (Advertising Standards Authority)

eaLiTy

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Quote from: Baofeng on May 28, 2021, 03:09:02 PM

It's not total ban per se, those adverts should be clear. And not just in the UK, all bitcoin friendly countries has this sort of warnings or advisory from their governing bodies.

So this is the standard procedure globally when you are advertising any investment funds and you need to showcase the disclaimer about the market risk as well and anyone who has seen any advertisement regarding stock market and mutual funds advertisements you will be familiar with the advert that is read so fast about the risk involved that is subjected to market risk and you can advertise any cryptocurrency asset or business but all you need is to include that same disclaimer .

The topic is misleading may just wanted to create another FUD Grin

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stompix

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Quote from: SFR10 on May 30, 2021, 09:37:31 AM

Judging by its timing, it would have been interesting to see if they would've kept it in there if there was no complaint and a spike, instead of the recent crash...

It's more of a coincidence, those watchdog organizations move at a snail pace, the ads were installed this winter, it took them months to investigate, they also had a back and forth with Luno, and after all that they've published their decisions. Luno knew how this was going to end months ago, that's why they were so prompt in taking a stand and promising it won't happen.

And the ASA has done that thing in the past, it's not like this is one case, sometimes they take so long that the ban is actual not affecting anything:
https://www.bbc.com/news/technology-56421901
Yeah, they've banned the ad, but the newspaper published the last on December 3rd and the decision came in March.

Nothing new, t took them 3-6 months to realize that a thing made out of meat is not vegan!;D

avikz

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Quote from: remotemass on May 27, 2021, 02:25:50 PM

https://twitter.com/ASA_UK/status/1397876898378752003

Fact check:
ASA didn't ban bitcoin related advertising. The have banned advertising which doesn't talk about risks associated with any kind of investment. So if you are stock broker and you want to put advertisements about stock market and your service, you see to mention the risks associated with it. Otherwise even your stock market advertising will be banned.

Don't mislead people and update the thread title asap.

SFR10

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Judging by its timing, it would have been interesting to see if they would've kept it in there if there was no complaint and a spike, instead of the recent crash...
^{- Having said that, Luno deserved more punishment and whoever accepted the ad in question also deserves some sort of punishment ^{[all of this could've been avoided if they evaluated that ad before placing it in various places]}.}

stompix

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They didn't ban a bitcoin advert, they've banned a Luno advert.
The outcome would have been the same if they would have said it's time to buy Ethereum, Doge or Ripple.

Of course, there is a problem with those laws which require you to mention when it comes to investment schemes that the price might fluctuate and you can end up at a loss, while at the same time letting betting adverts getting away just with some fine print at the bottom, like ladbrokes or paddypower with their so-called £20 or £30 free bet for which we all know how many requirements you have to pass but those are the current rules.

Btw, Luno acknowledged it was a mistake:

Quote from: fiulpro on May 28, 2021, 01:51:37 PM

Maybe they are trying to ban everything on a big level like other countries to enhance the traffic towards the digital dollar or digital euro etc...
We might be all in for a big governmental move where they are going to ban cryptos or maybe try to. Some banks are already moving towards that in South Korea.

Oh god, just stop, what's with this thing that every time a company involved in bitcoin gets punished like it should because no matter how bad the laws are laws suddenly another conspiracy from the government pops up. What the hell, are they handling tinfoil hats with every bitcoin wallet download nowadays?

Baofeng

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For those who doesn't want to link on the link:

Quote

Poster adverts telling the public it is “time to buy” Bitcoin have been banned for failing to mention the risks of investing in the cryptocurrency.

The posters, which were plastered across the London Underground and on London buses in February, featured a cartoon image of a Bitcoin and read: “If you’re seeing Bitcoin on the Underground, it’s time to buy.”

Again, another misleading and clickbait article coming from mainstream media source:(https://www.independent.co.uk/news/business/news/bitcoin-price-luno-advert-ban-b1854157.html). It's not total ban per se, those adverts should be clear. And not just in the UK, all bitcoin friendly countries has this sort of warnings or advisory from their governing bodies.

BIT-BENDER

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But what's is the ban details? Bitcoin is not a company, or a project that anyone will just pay for it to be advertise, my thoughts is maybe advert that tags/promote Bitcoin for the company involved profits,
this development is far too aggressive, and pointless, pointless in the sense that bitcoin don't need advert right now, it is air Borne already.
And aggressive in the sense that this clears the extent of their aim to restrict crypto-currency and bitcoin.

Fortify

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Quote from: JakobFugger on May 27, 2021, 02:39:18 PM

They did not specifically ban a Bitcoin ad. They banned an investment ad that did not make clear the risks involved in any investment. Probably if it were an announcement of an ETF or a specific action, the same thing would happen.

Yes, the job of this advertisement regulator is to protect the average consumer who might otherwise be misled by incomplete information. You could create the same advert in order to advertise any scam you want and it is very irresponsible by Luno - who are only looking out for themselves in all this. Everyone here should want responsible bitcoin buyers who are the best kind, not those who are susceptible to knee jerk reactions and will join the herd on any dip. Like any advert that is trying to sell financial products, it should come with clear warnings of the possibility of loss but we can see from the photo that they have made no attempt to inform buyers. Frankly I think there should be much harsher action taken with this sort of content and big fines handed out.

fiulpro

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Quote from: pixie85 on May 27, 2021, 02:34:36 PM

Banning something makes it a news in the Internet, so it doesn't do much to the visibility of an ad. It becomes less viewed in some areas and more in others.

It's like when you see a dead cat next to your doorway and kick it to the other side of the street Cheesy

On the other hand they could simply add a line that all investments carry risk of losing all your capital and they'd let it go. A win-win if you ask me. They got internet views and can remake the poster with a warning and they'll also get views on the street.

Rightly said I have seen such advertisements with these lines being added at last and at the same time if you see most trading softwares one of them asked me a question before I could make a purchase. They asked me what was the risk of loosing everything in crypto market and the answer was more than 50% therefore things like that are already happening so why can't they add such things there also ?

Maybe they are trying to ban everything on a big level like other countries to enhance the traffic towards the digital dollar or digital euro etc...

We might be all in for a big governmental move where they are going to ban cryptos or maybe try to. Some banks are already moving towards that in South Korea.

But then again this would have been the least problematic advertisement on the TV. I have seen some far worse and inappropriate.

Yogee

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Quote from: Streets 2.0 on May 27, 2021, 03:36:06 PM

Bitcoin and the hype around the world of cryptocurrency have already caused such a resonance that it is completely useless to ban it.

It's not useless. If you see a friend or a relative, would you tell them to buy bitcoin straight up because you have it? Or would you rather explain the risk as well? I bet you would choose the latter since you don't want them to berate you when the price falls. That's the point of the ban. There are still people who pass by that area where the ad was placed and all over the world who do not know about bitcoin. Irresponsible investment adverts like that are dangerous to both newbies and that will affect bitcoin.

Streets 2.0

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Bitcoin and the hype around the world of cryptocurrency have already caused such a resonance that it is completely useless to ban it. I will even say more by itself, the news of such a ban works in the opposite direction and advertises bitcoin, as it is not paradoxical. In England, citizens are quite serious about the laws and such news will notify even those who for some reason did not know about it before. So it's even fun.

JakobFugger

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They did not specifically ban a Bitcoin ad. They banned an investment ad that did not make clear the risks involved in any investment. Probably if it were an announcement of an ETF or a specific action, the same thing would happen.

pixie85

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Banning something makes it a news in the Internet, so it doesn't do much to the visibility of an ad. It becomes less viewed in some areas and more in others.

It's like when you see a dead cat next to your doorway and kick it to the other side of the street Cheesy

On the other hand they could simply add a line that all investments carry risk of losing all your capital and they'd let it go. A win-win if you ask me. They got internet views and can remake the poster with a warning and they'll also get views on the street.

remotemass

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https://twitter.com/ASA_UK/status/1397876898378752003

Topic: Bitcoin advert banned in the UK by ASA (Advertising Standards Authority) (Read 195 times)