Advertising watchdog to crackdown on misleading crypto ads

The Advertising Standards Authority (ASA) is set to clampdown on misleading crypto advertisements.

The watchdog told the Financial Times the effort to police “irresponsible” advertisements, primarily online and on social media, will start this month.

The ASA said it will issue companies with warnings and force crypto advertisers to include disclaimers.

In June, UK-based crypto exchange Luno drew criticism from the ASA for its advertising campaign on the London underground, which read: “If you’re seeing Bitcoin on the Underground, it’s time to buy.”

The announcement comes after the Financial Conduct Authority (FCA) issued a warning to consumers in January over firms advertising high returns based on cryptoassets, highlighting the risks that they should be prepared to “lose all their money.”

Research from the FCA has found that more than a third - 38 per cent - of crypto users regard them as a gamble, down from 47 per cent last year, while increasing numbers see them as either a complement or alternative to mainstream investments.

Most consumers recognise that crypto investments are not protected according to the research, although 12 per cent of crypto users believe otherwise.

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