The UK Advertising Standards Authority (ASA) issued an enforcement notice to more than 50 companies advertising cryptocurrencies, describing the issue as a red alert priority. The notice tells the companies to review their ads to make sure they understand and follow the rules so consumers are treated fairly.
Specifically, the ad must clearly state that cryptocurrencies are not regulated in the UK and the investment value is variable. They also must not imply that investment decisions are “trivial, simple, easy, or suitable for anyone” or “imply a sense of urgency to buy or create a fear of missing out.”
The ASA has recently banned several cryptocurrency ads for misleading consumers and being socially irresponsible.
The watchdog said it will continue to monitor compliance and impose sanctions if it sees no improvement. It has also partnered with the FCA, which recently revealed that it opened more than 300 cases involving cryptocurrency companies in the last six months and conducted 50 investigations, including criminal investigations, into companies in the industry.