The UK Advertising Standards Authority (ASA) has banned an advertisement by cryptocurrency exchange, Coinfloor as it was ‘misleading’ and ‘socially irresponsible’.
The regional press ad for the crypto exchange, entitled: “There is no point in keeping your money in the bank…,” was featured in the Northamptonshire Telegraph on 3 December 2020.
It featured a 63-year-old woman, and the accompanying texts stated: “I come from a generation of savers, not spenders…Today there is no point keeping it in the bank – the interest rates are insulting…That is why when I received my pension, I put a third of it into gold, a third of it into silver and the remainder into Bitcoin.”
Her testimony in the ad further mentioned: “To me, Bitcoin is digital gold, and it has allowed me to take the steps to secure the cash I already have … there was just a simple sign-up process, and then I could buy Bitcoin automatically straight from my bank account.”
Bitcoin Is Risky
The ban by the advertisement regulatory body came following a complaint it received, which pointed out that the ad was targeted at retirees.
The arguments against the ad added that the crypto exchange failed to clarify the risks associated with Bitcoin that include loss of capital. Furthermore, the Bitcoin market is not regulated in Britain, which significantly increases the investment risks.
The crypto exchange only added a brief risk warning in a small print, noting: “Investing in cryptocurrencies involves significant risk and can result in the loss of your invested capital. You should…
