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Crypto App Luno Ordered to Amend 'Misleading' Ads
The U.K.'s advertising regulator said the ads gave the impression that bitcoin investment is simple, when it is in fact "complex" and "volatile".
Yazan Jamie Crawley
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Cryptocurrency app Luno has been ordered to amend advertisements displayed throughout London's transport network after they were deemed "misleading" by the U.K. advertising regulator.
STORY CONTINUES BELOW
- Ads for the London-based exchange have been common sights at the city's bus and Underground stations since last year, telling passengers: "If you're seeing Bitcoin on the Underground, it's time to buy."
- The Advertising Standards Agency (ASA) said Wednesday that the ads "gave the impression that bitcoin investment was straightforward and accessible," when it is in fact "complex, volatile, and could expose investors to losses".
- "We therefore concluded that the ad was misleading," the ASA concluded. Luno has agreed that future ads will take a different form and feature an "appropriate" risk warning.
- The ASA's investigation came after receiving three complaints stating that the ads failed to illustrate the inherent risks of bitcoin investment. One also asked whether the ad was taking advantage of consumers' inexperience.
- Luno, which has 7 million customers worldwide, is a subsidiary of Digital Currency Group (DCG), the parent company of CoinDesk.
Read more: DBS Says Bitcoin Affects Stock Markets, Is ‘No Longer Fringe Asset’
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Crypto group counters Wall Street bankers with its own stablecoin principles for bill
After the bankers shared a document at the White House demanding a total ban on stablecoin yield, the crypto side answers that it needs some stablecoin rewards.
Bilinmesi gerekenler:
- The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
- The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
- The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
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