The Advertising Standards Authority (ASA) of the UK is planning a ‘red alert’ about crypto businesses’ marketing techniques for publishing deceptive adverts.

ASA of UK Issue A Red Alert About Crypto

On Friday, Financial Times published an article in which the agency has designated cryptocurrency advertising as a “red alert.”

“We regard this [cryptocurrency advertisements] as an incredibly critical and priority issue for us,” Miles Lockwood, Director of Complaints and Investigations at the ASA, told the British magazine. “Wherever we uncover issues, we will deal with them quickly and harshly.”

The ASA will focus on advertising that appears on the internet and social media platforms and will work to remove misleading and irresponsible marketing. 

Bitcoin Ads That Are Deceptive

With the rise in the price of Bitcoin, the number of crypto advertisements has skyrocketed. Many cryptocurrency exchanges are launching multi-million dollar advertising efforts, both online and offline, to attract new crypto investors to their platforms.

The British authority began removing Bitcoin advertisements earlier this year, with a ban on Coinfloor’s print ad in a provincial daily, calling it “misleading” and “socially irresponsible.” 

The regulator shut down a large promotional campaign run by crypto exchange from LUNO on London tube stations and buses.

According to LUNO’s advertisement, “if you see Bitcoin in the Underground (on a bus), it’s time to purchase.” The ASA pointed out that the advertising did not include any risk warnings, underplaying the hazards connected with Bitcoin investments.

Both measures were conducted in response to complaints filed by the ASA about the advertisements. However, it is unclear if the regulating body would take on Bitcoin and other cryptocurrency advertisements on its own or if individuals will still need to raise the alarm.

“There are some forms of media that we haven’t been able to properly address until now,” said Louise Maroney, Head of the ASA’s Financial Complaints Division.

Meanwhile, despite the FCA’s repeated warnings about the investing dangers of cryptocurrencies, the number of UK adults owning cryptocurrency has risen to 2.3 million.