UK banned advertising on "It's time to buy bitcoin"

In the #UK, which has hardened #crypto money #regulations since last year, the Luno exchange's ads that say "It's time to buy Bitcoin now" have been banned. The Advertising Standards Board ( #ASA) used the phrase " #Irresponsible" for #posters.

According to the report of The #Guardian from the #British media; The Advertising Standards Board (ASA) in the country has banned some Bitcoin ads, citing that it is "irresponsible" to appear on the billboards.

🔥"No warning about risks"🔥
In March, the Board declared that it found the ads of the exchange named #Coinfloor irresponsible and banned the posters of the exchange. The ASA cited a similar reason for London-based crypto firm Luno, stating that advertisements do not provide enough information about the risks to newcomers to the cryptocurrency universe:

“We see that Bitcoin investing is #complex, #volatile and #risk losing investors. Considering that the general public audience that the ads appeal to is inexperienced investors, it turns out that the words on the posters are the opposite. "

#Billboards and posters at the metro and bus stops of the #Luno exchange read, "If you see Bitcoin in billboard or subway ads, now is the time to buy it." These words were banned because they were irresponsible and did not show the risks to investors.

🔥After a while, complaints started to come🔥
After a short while, various complaints started to be made to the institution about the advertisements that have been on the boards since December. The most important issue of the complainants was that the advertisements did not mention the volatility of Bitcoin and the huge losses to be experienced.

The ASA ultimately ruled in favor of the complainants and banned the ads, stating that Luno deliberately chose advertising locations such as public transport and that there are people who need further training on the risks of investing in cryptocurrencies.

It was stated that one of the important factors in the coming of the ban was the phrase "Now is the time to buy it" and these words created the impression that access to Bitcoin can be made easily and directly.