Bit coin ad banned for ‘misleading pensioners’


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Ads running for cryptocurrency exchange have been banned due to the irresponsible promotion for investments in Bit coin. 

The Advertising Standards Authority (ASA) said the campaign had targeted pensioners who were “unlikely to know” much about the topic.

The watchdog monitored the ads and drew attention to the use of the phrase “there is no point in keeping your money in the bank”.

And it said a disclaimer printed in small print was “insufficient to counteract the overall message”.

‘Insulting rates’

A photo of a coin floor with personal testimony from customers showing how she invested part of his pension in bit coin via the platform.

“Today there is no point keeping it in the bank – the interest rates are insulting,” it read.

“That is why when I received my pension, I put a third of it into gold, a third of it into silver, and the remainder into Bitcoin.

“To me, Bit coin is digital gold and it has allowed me to take the steps to secure the cash I already have.”

bit coin ad banned

Bit coin ad; Misleading

The ASA confirmed two complaints submitted to it claiming that the as was:

  • misleading because it had failed to make clear the risks associated with Bit coin investments.
  • socially irresponsible because it had suggested that purchasing Bitcoin was a good or secure way to invest one’s savings or pension.

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Facts

In its defense, Coin floor said the ad represented the perspective of a customer rather than the company’s own view.

Moreover, it mentioned the disclaimer and claimed to have been given sufficient prominence – was pointing that investing in cryptocurrency could turn out to be a significant risk and could result in losses.

However, the regulator said the small font size and low positioning of the text meant the details had not been displayed clearly enough.

Coin floor is unregulated in the UK, so consumers could not seek recourse to services such as the Financial Services Compensation Scheme or the Financial Ombudsman Service, the watchdog noted.

Judgment

The Northamptonshire Telegraph, in which the advert appeared, said it would not publish the ad again unless it was suitably changed.

Thanks For Reading

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James Robert is a journalist who covers all the social media and tech-related news for SG-educate, the world's largest multimedia news agency. He reports on tech from all over the world, focusing mostly on social media platforms. He has worked as a digital editor and online coverage of global breaking news on tech and big stories, reaching millions of readers across multiple platforms.

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