• The UK authority has raised the priority of Bitcoin ad regulation to a “red alert” status

  • The Advertising Standards Authority (ASA) in the United Kingdom has declared that it will step up its efforts to combat reckless or misleading cryptocurrency advertisements.

    “We see this as a critical and high-priority topic for us. The ASA’s director of complaints and investigations, Miles Lockwood, told the publication that “when we identify flaws, we will crack down hard and fast.”

    As a result, the regulator has designated crypto-related marketing as a “red alert” priority, and will begin issuing warnings to companies involved, he said. Some digital assets ads, for example, would necessitate the addition of additional disclaimers.

    Regulation of Bitcoin’s reach is being widened. According to the article, crypto-related businesses will be subjected to enhanced scrutiny when it comes to crypto marketing, websites, and social media platforms as early as this month.

    The ASA’s regulatory measures were previously primarily based on customer complaints, but the agency now wants to broaden its surveillance capabilities. To identify dubious ads, it will use tactics like web scraping and artificial intelligence analysis.

    The ASA’s financial complaints head, Louise Maroney, noted, “We do understand that there are some sorts of media that we haven’t been able to handle adequately until now.”

    Luno, a London-based crypto services provider, was already targeted by the ASA around a month ago. The firm’s Bitcoin ad campaign, for example, included slogans like “If you see Bitcoin on the Underground, it’s time to purchase.”

    Luno’s commercials were declared misleading and irresponsible by the commission in late May because they “indicated that engaging in Bitcoin investing through Luno was clear and quick.”

    Luno’s tube posters stating, “If you’re seeing Bitcoin on the Underground, it’s time to purchase,” are deceptive, according to UK advertising regulators, because they “irresponsibly indicated that engaging in Bitcoin investment through Luno was straightforward and easy.”

    Luno CEI Marcus Swanepoel also claimed at the time that Britain’s regulatory system is too unpredictable and that it can actively hinder crypto-related businesses who are trying to comply.

    He admitted, “Honestly, we were under the notion that these advertising were OK.”

    In another case, the Advertising Standards Authority (ASA) prohibited a Bitcoin ad in a newspaper in mid-March, claiming that it was deceptive and promoted cryptocurrency in a socially irresponsible manner.

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