11 Oct Watchdog bans cryptocurrency advert – FTAdviser.com
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Cryptocurrency investment firm Crypto Bank Global has had two advertisements banned by the Advertising Standards Authority, following a challenge by Barclays Corporate Banking.
Crypto Bank Global, a trading style of Inside Access LLC, had been running a regional print advertising campaign, where the advertisements made a series of predictions about Bitcoin’s likely performance in 2018.
Specifically, the text in the advert which stated “bitcoin to hit £30,000 in 2018” and that “there are more millionarie’s [sic] being made from Bitcoin faster than anything in history.”
Barclays questioned whether the advert met the advertising watchdog’s requirements because it contained claims it considered misleading and because it didn’t identify that bitcoin is an unregulated financial product.
In a ruling issued yesterday (11 October), the ASA agreed the advert had breached several parts of the Code of Advertising Practice.
Consequently, it banned the advert in question and told Crypto Bank…
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