{"id":194691,"date":"2021-07-09T17:00:13","date_gmt":"2021-07-09T16:00:13","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=194691"},"modified":"2021-07-09T12:01:05","modified_gmt":"2021-07-09T11:01:05","slug":"uk-watchdog-shifts-bitcoin-ads-regulation-to-red-alert-priority","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/uk-watchdog-shifts-bitcoin-ads-regulation-to-red-alert-priority\/","title":{"rendered":"UK watchdog shifts Bitcoin ads regulation to \u2018red alert\u2019 priority"},"content":{"rendered":"

Britain\u2019s marketing regulator Advertising Standards Authority (ASA) has announced that it plans to increase its efforts in curbing irresponsible or misleading cryptocurrency ads, <\/span>Financial Times<\/span><\/i><\/a> reported today.<\/span><\/p>\n

\u201cWe see this as an absolutely crucial and priority area for us. Where we do find problems we will crack down hard and fast,\u201d Miles Lockwood, director of complaints and investigations at the ASA, told the outlet.<\/span><\/p>\n

As such, the regulator now classifies crypto-related advertisements as a \u201cred alert\u201d priority and will begin issuing warnings to related companies, he added. For example, some digital assets ads would require special disclaimers added to them.<\/span><\/p>\n

Expansion of regulatory reach on Bitcoin<\/h2>\n

Per the report, crypto-related firms will face increased scrutiny when it comes to crypto ads as early as this month, websites, and social media platforms in particular.<\/span><\/p>\n

Prior to this, the ASA\u2019s regulatory actions were mostly based on customer complaints, but the agency now aims to expand its monitoring capabilities. Thus, it will employ techniques such as web scraping and artificial intelligence analysis to identify suspicious ads.<\/span><\/p>\n

\u201cWe do recognize that there are some types of media that we haven\u2019t been able to address fully until now,\u201d explained Louise Maroney, financial complaints lead at the ASA.<\/span><\/p>\n

As <\/span>CryptoSlate<\/span><\/i> previously reported, London-based crypto services firm <\/span>Luno already came under fire from the ASA<\/span><\/a> about a month ago. Namely, the firm\u2019s Bitcoin ad campaign contained slogans such as \u201cIf you\u2019re seeing Bitcoin on the Underground, it\u2019s time to buy.\u201d\u00a0<\/span><\/p>\n

In late May, the regulator deemed Luno\u2019s ads misleading and irresponsible because they \u201csuggested that engaging in Bitcoin investment through Luno was straightforward and easy.\u201d<\/span><\/p>\n

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UK ad regulators told Luno its posters on the tube saying, \u2018If you\u2019re seeing Bitcoin on the Underground, it\u2019s time to buy\u2019 are misleading because they \u2018irresponsibly suggested that engaging in Bitcoin investment through Luno was straightforward and easy\u2019 https:\/\/t.co\/l2v27yA0M4<\/a> pic.twitter.com\/J4gfMRjXl3<\/a><\/p>\n

— Adam Samson (@adamsamson) May 26, 2021<\/a><\/p><\/blockquote>\n