Cryptocurrency advertisements getting banned is nothing new and have happened in many countries for various reasons. While some countries like India left exchanges with only warnings, the UK Advertising Standards Authority has taken it a step further and banned all ads of a few cryptocurrency exchanges. It is important to note here that the issue has been going on in the UK for quite some time now. Several members of Parliament objected to cryptocurrency advertisements in London’s public transport, saying that it can lead young investors to believe in false claims. The debate emerged as a result of aggressive marketing campaigns from Shiba Inu and other meme coins. With the decision to ban certain exchanges from putting up ads, the regulatory bodies of the UK are pointing towards stricter regulations in the future.
Among the list of firms prohibited from marketing their products, there are big names like Coinbase, Kraken, eToro, and Exmo. Apart from these, two crypto exchanges have also been prohibited from airing advertisements – Coinburp and Luno. Interestingly enough, a pizza chain – Papa John’s – also found itself in the same position as these crypto-related firms.
The Advertising Standards Society cited reasons of irresponsible marketing behind the ban. In its statement, the regulatory body said that such ads could be misleading for the masses, especially to young investors who do not have an idea of what they are getting into. The UK now joins the list of countries to ban crypto ads to some degree.