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UK regulator bans two crypto.com ads in latest crackdown

The UK regulator banned the two cryptocurrency exchanges Crypto.com, calling them "confusing" and ordering future publicity to explain that cryptocurrency investments could go up and down.


  • Jan 15, 2022
  • 2 Mins
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  • Updated : Feb 20, 2022

The UK regulator banned the two cryptocurrency exchanges Crypto.com, calling them "confusing" and ordering future publicity to explain that cryptocurrency investments could go up and down.


The Advertising Standards Authority (ASA) challenged Crypto.com in an ad published in the Daily Mail in September 2021, which read, "Buy Bitcoin now with a credit card."


A second ad, posted on the Love Balls mobile app in July, said "earn up to 3.5% [per year]," which then rose to 8.5%.


ASA has staged its five challenges against two Crypto.com ads. He noted that the ads did not explain the risks of investing in cryptocurrencies, exploited a consumer's lack of experience, and did not explain the limits of purchasing cryptocurrencies with a credit card.

No penalties have been imposed, but warnings that future ads should contain data that clearly indicates that the value of your cryptocurrency investment may rise or fall.


A Crypto.com spokesman said both ads were removed immediately following ASA's involvement. The company volunteered to go above and beyond the ASA rules and ensure continued compliance with the Financial Conduct Authority's Treating Customers Fairly outcomes 2 and 3, which refers to fair marketing practices.


"We believe that building a fully regulated industry is the best way to accelerate the global transition to cryptocurrency, which has been our mission for a long time. Crypto.com's top priority remains to hire regulators to ensure compliance and build trust," the spokesperson said.


"We appreciate ASA's collaborative dialogue and commitment to promoting in the UK in this relatively new industry and remain obligated to working with them and regulators around the world to ensure all our operations comply with the most recent guidelines. 


The ban complements many other government decisions against cryptocurrency companies. It banned seven cryptocurrency ads in December and called crypto-assets a "red alert" priority. The companies included:

  • The eToro and Coinburp trading platforms.

  • EXMO Exchange, Luno, Kraken and Coinbase.

  • As well as advertising from the pizza chain Papa John's.


It is also under marketing pressure from Crypto.com. In November, it signed a 20-year deal with AEG to change the name of Staples Center in Los Angeles to Crypto.com Arena. A source familiar with the matter said that the transaction cost $700 million, making it one of the largest approval transactions in the history of the sport.

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Jenny Olajumoke is one of our Freelance Associates at WWCrypto, Jenny Olajumoke is tasked with writing high quality content on a regular basis for us. Jenny Olajumoke joined us in January 2022.


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