The Advertising Standards Authority issued an opinion on an advertisement by a Bitcoin advertising and currency exchange alleged to be misleading and socially irresponsible.
Advertising Description by Coinfloor: A regional press ad for Coinfloor Ltd, a Bitcoin and cryptocurrency exchange, seen in the Northamptonshire Telegraph on 3 December 2020, was titled “There is no point in keeping your money in the bank…”.
Issue: The complainant, who believed the ad targeted retirees, challenged whether the ad was:
1. misleading, because it failed to make clear the risks associated with Bitcoin investments, including loss of capital, and that neither Coinfloor Ltd nor the general Bitcoin market were regulated in the UK; and
2. socially irresponsible, because it suggested that purchasing Bitcoin was a good or secure way to invest one’s savings or pension.
Action: The ad must not appear again in its current form. We told Coinfloor Ltd to ensure that future marketing communications made sufficiently clear that the value of investments in Bitcoin was variable and could go down as well as up, that Coinfloor Ltd and the Bitcoin market were unregulated, and that they also did not irresponsibly suggest that purchasing Bitcoin represented a secure investment of one’s savings or pension.