A recent campaign advertising investment in Bitcoin has officially been banned for misleading potential customers.
Independent UK advertising regulator the Advertising Standards Authority (ASA) stated that the campaign took advantage of the lack of experience and knowledge consumers possessed regarding the cryptocurrency, and gave a false impression that Bitcoin investment was a straightforward and simple process.
ASA commented on the ruling in a recent statement:
“We understood that Bitcoin investment was complex, volatile, and could expose investors to losses and considered that stood in contrast to the impression given by the ad, that investment was simple and conventional.”
The campaign belonged to international cryptocurrency exchange Luno, which currently provides its services in 40 different countries and was advertised on London’s public transportation network using the tagline:
“If you’re seeing Bitcoin on the Underground, it’s time to buy.”
The ads prompted a string of complaints to be made to ASA, stating that the campaign’s messaging failed to illustrate investment risks of Bitcoin. Both the cryptocurrencies and the exchanges where they are traded are currently unregulated. This leaves no avenue for recourse for UK consumers if it is required via ombudsman services, making investment a less protected process than more traditional options available.
Among the many services professional wealth management firms offer, UK investors seeking sound financial advice in Chester, London and other cities can benefit from extra protection. Experts in identifying scams and misleading investment opportunities, professional advisors can help their clients avoid common pitfalls of investing.
