British regulator finds Luno’s advertising misleading

The cryptocurrency exchange Luno received a directive to amend advertising placed on London’s transport network. The UK’s Advertising Standards Authority (ASA) ruled the marketing materials to be ‘misleading’.

In 2020, Luno and Coinfloor placed advertisements at London Underground stations, on buses and at bus stops.

In ASA’s view, Luno’s advertising creates the impression that investing in Bitcoin is simple and accessible, whereas, in reality, investments in Bitcoin are complex, volatile and can lead to losses.

The Bitcoin exchange agreed to amend its marketing materials by adding risk warnings.

The regulator opened an investigation following four complaints. Three complainants found the adverts misleading. Another alleged that the company was taking advantage of consumers’ lack of relevant experience.

Coinfloor received a similar ruling in March 2021. The exchange likewise agreed to amend its marketing materials.

Earlier, London was flooded with advertising for the controversial cryptocurrency project HEX. The adverts appeared during Premier League matches, as well as on buses and taxis.

In September 2020, the company Digital Currency Group, Barry Silbert, bought Luno. The parties did not disclose the financial terms of the deal.

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