Two Crypto.com Ads Banned By UK Regulators

While Crypto.com’s advertising spree sees no sign of slowing down, it hasn’t been sitting well with all parties. The digital asset exchange recently had two of its ads banned by UK regulators for containing misleading content. This comes following intense public scrutiny of another of the company’s ads featuring Matt Damon.

Encouraging Risky Behavior

The UK’s Advertising Standards Authority (ASA) reported the bans on Wednesday. The first of the ads mentioned appeared in the Daily Mail app on September 1st. It included text stating “Buy Bitcoin with credit card instantly”.

The ASA took issue with this ad for failing to “make clear limitations when purchasing cryptocurrency with a credit card.” Such limitations could include higher fees and/or cash interest rates/

The second ad – featured in the “Love Balls” app (a mobile puzzle game) – included a line that read “Earn up to 3.5% p.a”. It then showed the number increasing to 8.5%. 

The regulator thought this suggested an increasing rate of earnings on a single investment. What it really meant, however, was that earnings rates could vary between the given numbers based on the crypto invested in, and term length. It also found that the 8.5% figure was “misleading, and could be substantiated.”

Furthermore, many challenged both ads for not indicating risk of investment to consumers, and for taking advantage of their inexperience. 

Crypto.com responded to these challenges. They claimed that the first ad merely advertised the speed with which investors could buy crypto on their platform. Meanwhile, since the second referred to a way for existing crypto holders to earn yield, they argued that it wasn’t a crypto ad per se. Nevertheless, the ASA upheld its objections.

“We remain committed to working with [the ASA] and regulators around the world to ensure all of our activities are compliant with the most recent regulatory guidelines,” a Crypto.com spokesperson said.

Matt Damon on his new film, Stillwater, and why there's 'no diplomacy' between him and Ben Affleck | CBC Radio
Matt Damon. Source: CBC

Matt Damon’s Crypto Ad

Crypto.com’s name has been promoted everywhere from the UFC to the world’s largest sports arena. The exchange even recruited Matt Damon for its primary video ad, which displays on the front page of the site. It features the actor walking through a room of adventurers and pioneers, and likening their boldness to that of crypto investors.

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Though the ad has been airing since October, public attention has picked it up only recently. However, it doesn’t see it favorably. Twitter has been in an uproar calling Damon a scammer and a shill, while labelling the ad itself extremely corny. 

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