The Advertising Standards Authority (ASA) in the United Kingdom plans to tighten oversight of misleading and deceptive cryptocurrency advertising, according to Financial Times (FT).
According to the publication, the regulator will begin work in this direction in July. The ASA will pay particular attention to online platforms and social media.
“When problems are identified, we will act firmly and quickly,” said Miles Lockwood, FT’s head of the complaints and investigations division at the regulator.
According to him, the ASA has assigned cryptocurrencies a “red level of danger” in financial advertising. Companies will receive warnings and may be required to add a disclaimer to their advertising.
In 2020 London was filled with advertising for the controversial cryptocurrency project HEX. Advertisements appeared during Premier League matches, as well as on buses and cabs.
In late May 2021 the ASA required the cryptocurrency exchange Luno to modify the advertisement placed on London’s transport network, deeming it “misleading.”
In June, the search giant Google warned of a ban on advertising for financial services and products by UK companies not authorised by the Financial Conduct Authority.
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