The promotion of irresponsible investments in crypto assets has led to the ban of Coinfloor's bitcoin advert by the United Kingdom's Advertising Standards Authority (ASA).
The ban resulted from the crypto marketing campaign that targeted pensioners who were unlikely to know much about the topic.
As at the time of writing this news the following information was gathered;
The UK watchdog, Advertising Standards Authority (ASA) has banned Coinfloor's advert for prompting irresponsible crypto asset investments.
It also claimed that the crypto exchange's marketing campaign had targeted pensioners who were unlikely to know much about the topic.
Complaints arising from the advert have compelled ASA to rule against the advert.
In view of that Coinfloor's effort to inform investors of the risk associated with Cryptocurrency investment was equally acknowledged.
ASA, however, has pointed out that the exchange's disclaimer which is printed in small print is "insufficient to counteract the overall message.
ASA is also alleging that the advert is misleading because it had failed to make clear the risks associated with bitcoin investments.
The watchdog also criticizes the advert for not being "socially responsible", because it suggested that purchasing bitcoin was "a good or secure way to invest one's savings or pension".
In its defence, Coinfloor suggests that the advert 'represented the perspective of a customer rather than the company's view".
In addition to mentioning that investing in cryptocurrencies involved significant risk, the disclaimer had " given sufficient prominence'', argued Coinfloor.
However, ASA disputes this and claims that the "small font size and low positioning of the text meant the details have not been displayed clearly enough".
Other important updates from the news include that the NorthamptonShire Telegraph in which the advert initially appeared says' ' it would not publish the advert again unless it was suitably changed.
What are your views about the advert ban by ASA?
