UK Ad Watchdog Bans Coinbase Ads for Trivializing Crypto Risks
The UK Advertising Standards Authority (ASA) has banned a set of Coinbase advertisements, including a satirical musical-style video and three posters, saying they were “irresponsible” and “trivialized the risks of cryptocurrency” by presenting the exchange as a remedy for cost-of-living pressures, The Guardian reported on Wednesday.
“We considered that using humour to reference serious financial concerns, alongside a cue to ‘change,’ risked presenting complex, high-risk financial products as an easy or obvious response to those concerns,” the ASA said.
Coinbase released the video in July, but Clearcast — the body that approves ads for television — rejected it, saying it framed crypto as a “potential solution to economic challenges, without sufficient evidence for this claim,” according to The Telegraph in August.
Despite the TV decision, the ASA said the video appeared online, while the three posters were displayed in high-traffic locations such as the London Underground and rail stations. The posters featured the phrases “home ownership out of reach,” “eggs now out of budget,” and “real wages stuck in 2008,” alongside the slogan “If everything’s fine, don’t change anything” next to Coinbase’s logo.
The ASA added that none of the advertisements included information about crypto risks. The Financial Conduct Authority requires crypto promotions to include prominent risk warnings.
In August, Coinbase CEO Brian Armstrong defended the ad after its TV rejection, arguing that the message highlighted perceived shortcomings in the traditional financial system and suggested crypto as a means to improve it. He also said attempts to restrict the campaign would only amplify its reach.
Coinbase did not immediately respond to a request for comment outside of normal business hours.
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