The British Advertising Standards Authority has confirmed a complaint against the cryptocurrency exchange Coinfloor over the publication of an advertisement for Bitcoin (BTC) in a regional news agency.
The announcement, published on the Northamptonshire Telegraph on December 3, 2020, has been taken into account it was aimed at retireesaccording to the plaintiff Whoever claimed the ad was misleading and socially irresponsible.
The ad was titled “There’s no point in keeping your money in the bank …” and showed a picture of a 63-year-old woman describing her decision to convert part of her pension into Bitcoin. The pensioner shown in the ad was quoted as saying:
More and more people are realizing the saving power of Bitcoin … nowadays there is no point keeping it in the bank, the interest rates are offensive. [â¦] When I got my pension, I invested a third in gold, a third in silver, and the rest in Bitcoin. “
The alleged Coinfloor customer is even shown in the ad referred to the often cited reputation of Bitcoin as digital gold.
He continued: “To me, Bitcoin is digital gold and it has enabled me to take the necessary steps to secure the money I already have … Buying and holding Bitcoin has never been easier thanks to Coinfloor’s autobuy service. .. “
The ad is supposed to be misleading because “It was not made clear what the risks associated with investing in Bitcoin, including loss of capital, and that neither Coinfloor Ltd nor the general bitcoin market in the UK have been regulated.”
The complaint was upheld at this point, and The ASA noted that Coinfloor had not conveyed Bitcoin’s volatility clearly enough.
It was also alleged that The ad was socially misleading because it “indicated that buying Bitcoin was a good or safe way to invest in savings or retirement”.
The complaint was also confirmed at this point, and The ASA ruled that Coinfloor had portrayed Bitcoin investments as safer than they actually were.
The ASA came to the conclusion The advertisement must not reappear in its current formFuture announcements by Coinfloor should clarify that investments in Bitcoin could depreciate that both Coinfloor Ltd and Bitcoin are unregulated in the UK and You shouldn’t irresponsibly point out that Bitcoin is a safe investment in savings or retirement.