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As crypto firms ramp up London advertising, regulators are hot on their trail

Quick Take Crypto advertising has become increasingly prolific on London’s transport network, according to data released to The Block via a freedom of information request. Luno appears to have splashed out the most on inner-city transport ads in the last two years.  Others that advertised in 2021 included Hakuna Matata, Floki, eToro, Coinbase, Crypto.com, Coinfloor and BOTs. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.

London travel network cracks down on crypto ads amid regulation blitz

London transport authorities have tightened the reins on crypto advertising following a number of rulings by the UK’s marketing regulator.  Short of an outright ban, a spokesperson for Transport for London (TfL) told The Block that the body is not currently approving any adverts which “look to promote [crypto] products in a similar fashion to those being investigated.” TfL has been monitoring crypto advertising since 2018, but only recently decided to take a harder line on ad approvals. A spokesperson …

UK regulator bans two Crypto.com ads in latest crackdown

The UK’s marketing regulator on Wednesday said it had banned two adverts from Crypto.com following a complaint.  The first ad, seen on 1 September 2021 in the Daily Mail app, featured text which stated, “Buy Bitcoin with credit card instantly.” The second ad, seen on 30 July 2021 in the Love Balls app, promised “up to 3.5% p.a”. The number in the text increased to “8.5%.” “We understood that consumers would interpret the claim ‘Earn up to 3.5% p.a.’ which …

UK’s ad watchdog rules against Arsenal Football Club’s fan token promotion

Arsenal Football Club has been reprimanded by the UK’s advertising regulator over a Facebook post and content on its website that promoted fan tokens. The Advertising Standards Authority (ASA) banned the content for taking advantage of consumers’ inexperience in cryptoassets. The posts also misled consumers by not making it clear that fan tokens were a cryptoasset that had to be bought using another cryptocurrency, the regulator said.  Arsenal had partnered with Socios, which uses blockchain technology to provide fan tokens, …

UK watchdog bans seven crypto ads in ongoing crackdown

The United Kingdom’s advertising watchdog ruled against several crypto ads on Wednesday, saying crypto-assets are a ‘red alert’ priority.  The seven companies whose ads were deemed to have broken the Advertising Standards Authority’s (ASA) rules included trading platforms eToro and Coinburp; exchanges EXMO, Luno, Kraken and Coinbase; as well as a promotion from pizza chain Papa John’s.  The regulator said its rulings follow proactive monitoring of the adverts for cryptoassets, and will form part of an ongoing project which will …