The UK advertising regulator has banned yet another advertisement from crypto exchange Crypto com.
The company’s two ads were banned last January on the grounds that they were misleading.
UK Bans Exchange Advertising
Crypto exchange Crypto.com’s Facebook ad was banned by the UK Advertising Standards Authority (ASA).
The exchange’s NFT advertisement began to be published on the social media platform in July. In a statement today, the ASA objected to the ad on the grounds that the exchange did not describe the risk associated with NFT investments and did not clarify how much fees would apply.
In January, the ASA banned two of the company’s ads on the grounds that they took advantage of consumers’ “inexperience or naivete”.
The company received approval from the Financial Conduct Authority (FCA) to operate in the country last August.
“We concluded that the ad was misleading as it did not contain any warnings to inform consumers that NFTs could rise in value or that it is a non-regulated crypto-asset.
We told Crypto.com that advertisements should clearly state the risks of NFTs”