UK Regulator Bans Coinbase Ads Over Cost-of-Living Messaging

Britain's advertizing watchdog has banned a arguable selling run by crypto speech Coinbase, aft ruling that the adverts irresponsibly implied integer assets could lick wide fiscal hardship.

The Advertising Standards Authority announced the determination successful a connection connected Wednesday, upholding complaints against 4 advertisements that aired successful August 2024, 1 video-on-demand spot, and 3 posters, uncovering they "trivialised the risks associated with cryptocurrency investment" by positioning Coinbase arsenic an alternate to struggling accepted fiscal systems.

The satirical video advertisement featured moving adults cheerfully singing astir mundane economical struggles, unaffordable housing, rising surviving costs, and occupation losses, portion dancing done scenes of municipality decay, bursting sewage pipes, and closed shops littered with rats.

The campaign's tagline, "IF EVERYTHING'S FINE DON'T CHANGE ANYTHING," appeared alongside the Coinbase logo, portion companion posters highlighted "HOME OWNERSHIP OUT OF REACH," "EGGS NOW OUT OF BUDGET," and "REAL WAGES STUCK IN 2008."

The ASA ordered the ads indispensable not look again successful their existent signifier and instructed Coinbase to guarantee aboriginal advertisements bash not irresponsibly trivialize crypto risks oregon connote integer assets are a solution to prevalent fiscal concerns.

Thirty-five complainants challenged the campaign's messaging during a play of acute fiscal unit for British households, according to the ASA statement.

Decrypt has reached retired to Coinbase for comment.

CB Payments Ltd, a subsidiary of Coinbase, defended the run successful its effect to the ASA, saying the ads were "purposely and evidently exaggerated for amusement purposes" and contained nary explicit calls to action, arsenic per the statement.

The company, registered with the Financial Conduct Authority, maintained that consumers would construe the contented arsenic satire alternatively than fiscal proposal and referenced FCA probe showing that user consciousness and ownership of crypto had increased.

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The regulator warned that the ads' wide scope meant galore consumers experiencing fiscal difficulties "would beryllium susceptible to the accusation that Coinbase and cryptocurrency could code their fiscal concerns."

The prohibition adds to Coinbase’s grounds of attention-grabbing, and sometimes controversial, marketing, including its February 2022 Super Bowl QR-code advertisement that crashed servers aft driving 20 cardinal visits successful a minute, won a Super Clio award, and drew information disapproval implicit QR-code risks.