UK watchdog bans Coinbase ads over crypto risks

The UK Advertising Standards Authority has reportedly banned a series of Coinbase advertisements, saying they trivialised the risks of cryptocurrency and framed crypto as a response to cost-of-living pressures.

The ads, which included a satirical musical-style video and three posters, were deemed “irresponsible” for using humour to reference serious financial concerns without adequately highlighting investment risks.

“We considered that using humour to reference serious financial concerns, alongside a cue to ‘change,’ risked presenting complex, high-risk financial products as an easy or obvious response to those concerns,”

The ASA said, according to The Guardian.

The video had already been rejected for television by Clearcast in July, but regulators said it continued to appear online while the posters were displayed in high-traffic areas such as the London Underground and major rail stations.

The posters referenced themes such as housing affordability, food costs and stagnant wages, all paired with the slogan “If everything’s fine, don’t change anything” alongside the Coinbase logo.

The ASA said none of the advertisements included information about crypto risks, despite guidance from the Financial Conduct Authority requiring prominent risk warnings on crypto promotions.

Coinbase chief executive Brian Armstrong previously defended the campaign, arguing that criticism and censorship attempts only underscored the message that the traditional financial system is failing many people.