Leading advertising regulator in the United Kingdom, Advertising Standards Authority (ASA), has banned the famous Luno ad “time to buy Bitcoin,” citing it as an irresponsible attempt and potential risks for uninformed investors. Over the last year, the regulator had put out strict restrictions concerning the crypto market.
A prominent English newspaper, the Guardian, reported that the regulator was continuing to stick to its stance around digital assets which led to the ban of the Luno ads.
The advertisement posters displayed at the buses and subway stations in the UK caught the attention of the British ad regulator. Not only that, the agency also described Luno’s advertising slogan as an irresponsible statement.
It further added that the ads could attract beginner investors to the market without realizing the potential risks. It said,
We concluded that the ad irresponsibly suggested that engaging in Bitcoin investment through Luno was straightforward and easy, particularly given that the audience, the general public, were likely to be inexperienced in their understanding of cryptocurrencies.
In response to the ban from ASA, Luno has stated that it plans to go with a warning and its ads. Interestingly, it is not the first time that the British regulator keeps a close eye on crypto platforms. Still, earlier in 2021, the agency banned ads of a famous crypto exchange platform called Coinfloor.
So far, the government authorities in the United Kingdom have been skeptical about trading crypto assets. Last month, a few local banks revealed their plans to halt their crypto services.
In response, NatWest’s risk department head Morten Friis described the move as a cautious approach and outlined potential risks associated with digital assets. Not only him, but the governor of England’s national bank, Andrew Bailey, said that people investing in digital assets risk losing their money.