Financial future or false promises? Crypto firms go big on ads in 2022

Financial future or false promises? Crypto firms go big on ads in 2022

Cryptocurrency companies have impressive advertising budgets this year, but industry experts have differing opinions when it comes to marketing crypto.

Advertisements are in abundance everywhere we go — from billboards seen throughout road trips to commercials displayed every fifteen minutes or so during television shows. It’s also the case that most advertisements today display messages from major internet-based brands like Amazon, which was ranked as the largest advertiser in the United States in 2020. Telecommunication providers and payment giants like American Express have also been listed as some of the biggest advertisers in the United States. These companies typically spend billions of dollars per year on marketing messages aimed to inform, persuade and remind consumers about their products and services. 

2022 is the year for crypto advertising

While dot-com brand commercials and social media advertisements continue to bombard consumers, some advertising executives believe that crypto companies will dominate advertising in 2022 and in the years to come.

Mark DiMassimo, founder and creative chief of DiGo — a New York-based marketing agency — told Cointelegraph that he believes crypto-focused ads will dwarf the dot-com and social media phenomenon due to the rise of Web3 and the integration of crypto assets within digital ecosystems known as the Metaverse.” DiMassimo said:

“This is not typical consumer language, but almost every startup I work with or LinkedIn job offerings I see mention the Metaverse and Web3 now. Cryptocurrency is central to all this. Therefore, I think this will be a bigger ad boom than the dot-com and social boom.”

DiMassimo added that the rise of nonfungible tokens (NFTs) has also increased the popularity of cryptocurrency. This, in turn, has allowed crypto companies to obtain large advertising budgets. “Many early adopters focused on word of mouth marketing or advertising through Reddit, Discord and other social channels. We’ve reached the next level though, which is being displayed through classic marketing and advertising techniques,” explained DiMassimo.

For instance, DiMassimo pointed out that crypto commercials displayed during the 2022 Super Bowl highlighted the notion that blockchain companies will dominate the advertising world moving forward. “I called the 2022 Super Bowl the ‘Crypto Bowl,’” he joked. To DiMassimo’s point, though, 2022 Super Bowl ads from leading crypto companies like FTX and Coinbase did make an impact, attracting an abundance of media attention while also demonstrating that crypto companies have massive advertising budgets.

An NBC executive disclosed that NBC was selling 2022 Super Bowl ads for $6.5 million for 30-second spots to put this in perspective. Bloomberg reported that some ads sold for as much as $7 million this year. “Production values are going to ‘Mars’ and crypto companies want to have their voices heard in the real world,” said DiMassimo. As such, he believes that more crypto organizations will sponsor ads with celebrities or with sports stadiums to prove they mean business.

Are crypto commercials selling false promises?

While the rise of crypto ads is notable, some industry experts are aware of the dangers associated with cryptocurrency companies promoting advertisements to the masses. For instance, Richard Smith, an investing expert and chief operating officer of risk management tool RiskSmith, told Cointelegraph that this year’s Super Bowl ads from crypto companies were a disappointment in the sense that they completely failed to be honest with their audience:

“These commercials didn’t disclose any risks involved with high levels of financial speculation. There was no recognition of risks at all in fact — only rewards. I understand that Super Bowl ads are supposed to be fun and lighthearted, but these were not authentic.”

Smith elaborated that the Coinbase Super Bowl commercial boasted the reward of getting free Bitcoin (BTC) simply by scanning a color-changing QR code, which silently moved across the television screen. When scanned, the QR code redirected users to Coinbase’s landing page that promoted a Bitcoin giveaway and sign-up promotions.

Coinbase 2022 Super Bowl ad. Source: DiGo

Smith added that eToro’s Super Bowl commercial promised users the ability of “going to the moon” by trading cryptocurrency and stocks.

eToro 2022 Super Bowl ad. Source: eToro

While these commercials may have been captivating, Smith believes that in the long run, these advertisements will ultimately be disadvantageous to crypto companies due to what he believes is a lack of authenticity. “I think cryptocurrency is more about independence and transparency, and those who care about crypto will be turned off by these obviously pandering messages,” he remarked.

Smith was not the only one frustrated by 2022 Super Bowl advertisements from crypto companies. As Cointelegraph previously reported, United States Senate Banking Committee Chairman Sherrod Brown also blasted the ad-makers for not including appropriate warnings and risks involved. “I don’t think crypto ads should be bluntly disingenuous about the benefits of their product. People are getting hurt badly today because of the whole advertising-driven meme madness,” said Smith.

DiMassimo begs to differ, noting that the reason crypto Super Bowl ads generated criticism was that they resonated with the mainstream. According to DiMassimo, Super Bowl advertising isn’t about educating consumers in 30–60 seconds but rather about leaving people with a memorable feeling. He added:

“For example, with Coinbase and the QR-code, the idea was to get people to sign up and remember their exchange while also creating conversations. Coinbase increased the chances of this with digital repetition, so people will likely remember their brand over others. Emotions are more important in advertising than rational. I think we will most likely see more people sign up for Coinbase as a result.”

Rationale behind the advertisements

To DiMassimo’s point, many Super Bowl watchers did respond to the Coinbase commercial. Coinbase published a blog post the day after the event in which Kate Rouch, chief marketing officer for Coinbase, stated that the exchange saw over 20 million hits on its landing page in one minute. “Volume that was historic and unprecedented,” wrote Rouch. He added that engagement was six times higher than the company‘s previous benchmarks.

Unfortunately, Coinbase’s website crashed following its 2022 Super Bowl ad, resulting in a slew of additional issues. However, this technical mishap didn’t seem to create major issues for the cryptocurrency exchange. As Rouch wrote, “understandably, this volume led to us temporarily throttling our systems.”

While the Coinbase QR-code commercial created quite the scene during this year’s Super Bowl, Brad Michelson, head of U.S. marketing at eToro, told Cointelegraph that eToro views the Super Bowl as one of the best brand-building opportunities in the U.S. “This makes it the perfect opportunity for our brand to put a stake in the ground, particularly in the scope of the ‘crypto bowl’ that we saw this year,” said Michelson. In regards to eToro’s To the Moon commercial, Michelson explained that the ad showed how the company perceives social investing:

“It was especially important for us to include nods to the crypto community. But, it was also a priority to help make investing in these assets as approachable as possible. Our team was able to accomplish exactly that through this campaign.”

Michelson added that eToro has had a large crypto advertising footprint in the U.S. for the past few years, noting that the company has experimented across television, radio and print channels to reach new audiences. While this may be one goal, Michelson also mentioned that eToro believes education is the key to investing and will, therefore, be investing more time in this area moving forward. “Crypto is part of eToro‘s lifeblood and we plan to continue promoting the industry through our advertising into the future,” he remarked.

Smith expressed skepticism, however, remarking that crypto companies should be disclosing how blockchain technology makes digital sovereignty possible, rather than pushing out ads for free Bitcoin that may invoke fear of missing out, or FOMO. With this in mind, Smith mentioned that one crypto company did connect more with users in his opinion. He noted that Binance’s Jimmy Butler ad that appeared before the 2022 Super Bowl across social media channels was less about hype and more about trust: “This is what crypto is about.” 

Indeed, Binance’s 30-second social media ad featured American basketball star Jimmy Butler who stated that he doesn’t know much about cryptocurrency. Butler added that Super Bowl watchers should always do their own research, regardless of what advertising messages say.

Patrick Hillman, chief communications officer at Binance, told Cointelegraph that while Binance looked at the opportunity to run an ad during the 2022 Super Bowl, the company decided against it and instead launched its message on social channels before the game:

“The actual return on investment of Super Bowl ads is tough to gauge. Most companies want to do this for brand awareness, which isn’t our goal. I also think it’s bizarre to advertise Web3 and blockchain in between beer and Coca-Cola ads.”

Hillman added that while most crypto campaigns are celebrity-driven to create brand awareness, Binance aims to focus more on addressing education for new users through channels like Twitter, Discord and Telegram. “We are taking a different approach from many of our peers. The crypto industry has no ceiling when it comes to innovation. There are a lot more new users now than educated users, so finding ways to effectively educate these individuals is important,” he said.

And, although Binance’s “unofficial” 2022 Super Bowl campaign did feature a well-known figure, Hillman argued that the goal was to use a notable name to flip the advertising model around to encourage users to do their own research when it comes to crypto. “We want people to fully understand the opportunities associated with cryptocurrency and this simply can’t be done in a 30-second Super Bowl ad.”

Given the fact that Binance’s advertisement was not displayed during the Super Bowl, some may wonder if the message was effective. According to Hillman, this wasn’t an issue, noting that Binance’s official Twitter account ad received 55,000 clicks in the first quarter of the 2022 Super Bowl. “We then pushed it to a number of communities on Reddit and from there, it went viral,” explained Hillman. Even more impressive, Hillman remarked that Binance spent a tenth of what the company’s peers did on Super Bowl advertisements.

What’s next for crypto advertisers?

While crypto companies are ramping up their advertising efforts, it’s important to point out that other forms of marketing are also on the horizon. Although the 2022 Super Bowl demonstrated the impact of cryptocurrency-focused commercials, billboards advocating for crypto, Web3 and NFTs are also being seen more widely.

For example, Christian Hasker, chief marketing officer at Hedera Hashgraph — a layer-1 distributed ledger technology platform — told Cointelegraph that the company is advertising on billboards and using online video ads to cater to prospective Web 3 developers. “We recently ran billboard ads at Denver Airport for EthDenver. The ad campaign was well received and the return on investment exceeded our expectations,” said Hasker. In turn, Hasker mentioned that Hedera will build upon this momentum at other upcoming blockchain events.

Hedera Hashgraph EthDenver billboard. Source: Hedera Hashgraph

NFT-related billboards are also becoming more common. Most recently, SaveArtSpace — a nonprofit art patronage organization — helped Nadya Tolokonnikova, a conceptual artist and member of the Russian punk-rock collective Pussy Riot, display NFT artwork across the United States. Tolokonnikova selected 10 artworks to be exhibited on billboard ad spaces in New York, California, Tennessee, Nevada, Missouri, Arizona, Georgia, Louisiana and Alabama.

Michele Pred, Equal Pay billboard Located at Sunset Blvd & N Normandie Ave, in Los Angeles. Source: SaveArtSpace

Travis Rix, co-founder of SaveArtSpace, told Cointelegraph that Tolokonnikova’s exhibition aims to challenge the mainstream ideas that are currently held. “Women make less than men for the same work in addition to all the other issues women face. We aim to challenge the viewer to change or force for change,” explained Rix. He added that SaveArtSpace has new billboard exhibitions just about every month:

“It‘s very effective, even if people only see one of our billboards for a second, it may stick with them all day. And, if they pass these every day for a month, it may change the way people think.”

Regardless of a company’s advertising choice, DiMassimo warned that crypto organizations that are new to the ad space must have a clear strategy in mind. “Money can be soaked up fast if you are unsure of what you are doing in the ad world. This is still a new and volatile space, and it will be turbulent for advertisers that can’t afford to sustain strategies.”

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Super Bowl 2022: Here’s the scoreboard of crypto ads

Super Bowl 2022: Here’s the scoreboard of crypto ads

Major crypto businesses including FTX, eToro, and Coinbase debuted crypto ads in Super Bowl 2022.

Super Bowl commercials have always been an intrinsic part of the annual National Football League (NFL) championship and for business, a fair sign of making it in the real world. This year, however, marked a new milestone for the crypto community as FTX, eToro, and Coinbase debuted crypto ads in Super Bowl 2022.

With rising demand in crypto — recently fueled by nonfungible tokens (NFT), meme tokens and the Metaverse — Super Bowl crypto ads stole the limelight from traditional businesses on social media platforms like Twitter. Let’s gauge into the advertisements and echo the feelings expressed by the community:

Coinbase Super Bowl 2022 commercial

Coinbase is one of the most popular crypto exchanges in the United States, often taking the number 1 spot for being the most downloaded app on the Apple App Store. What appears to be a part of the company’s ongoing “Less talk, more Bitcoin” campaign, Coinbase released a minimalistic commercial sporting basic two-dimensional graphic images.

The Coinbase Super Bowl commercial started off with a Coinbase-themed “C” bouncing around the screen similar to the bouncing DVD logo.

Shortly after, the letter was replaced with a color-changing QR code, which silently moved across the screen in a similar fashion. The QR code redirected users to Coinbase’s landing page that promoted Bitcoin (BTC) giveaway and sign-up promotions when scanned.

Despite the contrast to traditional, high-production Super Bowl advertisements, Coinbase services crashed temporarily owing to the sudden influx of heavy traffic on its website. Acknowledging the service disruption, a follow-up message on the Coinbase app said:

“Well, that was more popular than we thought. We need a quick time out, but don’t worry. We’ll email you when things are back to normal.”

FTX Super Bowl 2022 commercial

FTX, a crypto exchange founded by Sam Bankman-Fried, spared no expense on its first Super Bowl advertisement, Don’t Miss Out, featuring comedian Larry David.

The advertisement shows David dismissing life-changing technologies right when they were being invented. Portraying as an authority figure in various historic timelines, David is seen rejecting the invention of the wheel, electricity and the toilet.

The comedian further opposes the United States Declaration of Independence. He shows skepticism about landing on the moon and portable music. Finally, when David dismisses the FTX app with an “I don’t think so,” the commercial addresses the viewers:

“Don’t be like Larry. Don’t miss out on the next big thing.”

Overall, FTX’s advertisement was considered by many as the funniest Super Bowl commercial.

eToro Super Bowl 2022 commercial

Crypto and fiat investment platform eToro’s Super Bowl ad “Flying Your Way” began with a user asking for advice from the eToro community on whether to invest crypto or stocks.

Soon after, the ad shows a large group of users hovering around the city, one of them approaching the user and asking him — “To the moon?”

As a homage to the popular meme coin Shiba Inu (SHIB), eToro’s advertisement also featured a Shiba Inu dog. Moreover, the platform also released an unofficial Super Bowl halftime Bingo card to guess the performance mishaps such as wardrobe malfunction and fireworks.

While eToro deserves an A for effort, the advertisement managed to create only a fraction of the buzz created by the other players. Super Bowl 2022 commercial

In its first Super Bowl ad, featured basketball legend LeBron James having a conversation with his younger version from 2003. While the young LeBron James was excited to know about a future full of electric cars and other technological advancements, he asks from the real LeBron James if he was ready for what was about to come:

“I can’t tell you everything. But if you want to make history, you gotta call your own shots.”

The commercial made even more sense to the public, considering that LeBron became the highest-scoring player in NBA history just one day before the commercial aired.

With the launch of this advertisement, LeBron James joins the growing list of pro athletes that support crypto’s mainstream adoption — a move well received across the crypto community.

Related: Ad restrictions won’t impact crypto demand, Binance CEO says

Just last month, Binance CEO Changpeng Zhao stated that the growing restrictions on the crypto advertisement will not have any negative impact on the demand for cryptocurrencies.

As Cointelegraph reported, CZ told CNBC that the reason why regulators have to limit advertising is probably because of such high demand, adding that “most of our users come from word of mouth anyway.”

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Love in the time of crypto: Does owning cryptocurrency make daters more desirable?

Love in the time of crypto: Does owning cryptocurrency make daters more desirable?

New findings suggest that adding “crypto” to a dating profile makes you more desirable, but the crypto community expresses concerns with online dating.

Cryptocurrency has become one of the most widely discussed topics of 2022. As such, it shouldn’t come as a surprise that mentioning “crypto” in an online dating profile may generate additional attention. 

A new study from brokerage firm eToro found that 33% of Americans who were surveyed would be more likely to go on a date with someone who mentioned crypto assets in their online dating profile. Out of the 2,000 adult residents in the United States between the ages of 18 and 99 surveyed, more than 40% of men and 25% of women indicated that their interest in a potential date is stronger when crypto is written on a dating profile.

Crypto: What’s love got to do with it?

Callie Cox, U.S. investment analyst at eToro, told Cointelegraph that the findings from eToro’s inaugural “Crypto & Culture” survey demonstrate the crossover between money, culture and identity. “We talked a lot about identity in the survey and how this has a strong place in the crypto community. The genesis of this campaign was to better understand how people think of big life projects and finding that perfect partner,” said Cox.

With this in mind, Cox explained that one of the most notable findings in the report was that 33% of respondents would be open to dating someone who mentioned crypto in their profile. “This shows there is a connection between money, love and identity when people look for a partner on a dating app,” she remarked. Cox added that it was also interesting to see that nearly 74% of survey respondents noted they would likely go on a second date with a person who paid the first date’s bill in Bitcoin (BTC). “We also wanted to test the environment to see how people felt about using crypto as a currency. We were surprised to see this percentage so high, which also speaks to identity.”

While these findings suggest that publicly open crypto holders and enthusiasts may attract more attention across dating apps, Cox shared that Millennials and Gen Z respondents were the majority of people who participated in the survey. “Everyone had to self-identify and most of the respondents were from the younger generation,” she said. Regarding using crypto as a currency, Cox further mentioned that eToro’s findings show that paying a bill in Bitcoin is of greater interest to men than to women.

The crypto community and online dating

Although eToro’s survey suggests that crypto terminology may make daters more desirable, some crypto community members find mentioning the trait to be a double-edged sword.

For instance, Hailey Lennon, law partner at Anderson Kill and founder of Crypto Connect, told Cointelegraph that she didn’t initially have “Bitcoin” anywhere in her online dating profile, but that she eventually added it since the digital asset has been a long-time passion of hers. While Lennon didn’t notice an increase in responses to her profile from adding Bitcoin, she’s had some matches that have piqued her interest due to commonalities:

“There is a commonality between people that are interested in Bitcoin. For example, if I post a photo in a Bitcoin hat, that will likely attract others interested in the space. I’ve also jokingly tweeted before when I find someone with ‘Bitcoin’ mentioned in their dating profile that I’ve found my soulmate. But, it really does show a common interest and that we can connect and talk about a common passion.”

However, Lennon also pointed out that including crypto terminology in your online dating profile can backfire. “Sometimes I will reframe things and say that I’m an attorney in financial technology, without mentioning Bitcoin or cryptocurrency to not make the entire conversation become about Bitcoin and what I do for a living. You also have those people who still associate cryptocurrency with this false narrative of it being used only for criminal activity and money laundering, so it can be interesting to try to explain how you are a lawyer in the digital asset space,” said Lennon.

Moreover, while Lennon finds eToro’s survey results to be interesting, she noted that many people in the crypto community focus so much on digital assets in their day-to-day lives that they may want to have non-crypto-focused conversations in romantic settings. “Sometimes a date can only consist of wanting to talk about Bitcoin and how it works when people find out what you do for a living. That can get kind of old and take the romance/fun out of the date.”

Echoing this, Ivan Perez, owner at Multiplied — a crypto-focused PR firm — told Cointelegraph that since adding “investing and working in crypto” to his online dating profiles, he’s connected three times with women who also work in the cryptocurrency space. While Perez mentioned that the commonality can be an added plus, he shared that each date he went on with someone in the crypto sector felt more like work than pleasure. “All we did was talk about crypto,” expressed Perez.

Perez further explained that having “crypto” in his online dating profile has also attracted the wrong attention at times:

“Some girls will like my profile and then start off by saying ‘you work in crypto, how cool.’ Then, when we go on a date, the first 10–20 minutes usually focus on how crypto works and what I do. Some women focus on the money aspect only. I’ve had many experiences where I go on dates and crypto becomes the whole topic of conversation.”

In turn, Perez explained that working in crypto can make dating frustrating. “Now that NFTs are generating more mainstream attention, I’ve had women at conferences start to look for crypto-rich individuals. This is frustrating because it puts you in a place of doubt. Are these women interested in me or the industry I work in,” questioned Perez.

From a woman’s perspective, adding crypto to their online dating profile can also result in challenges. Jessica Salama, community lead at GoodDollar Foundation — a non-profit initiative focused on financial education in digital assets — told Cointelegraph that while she thinks adding crypto to her profile has increased her desirability, it hasn’t necessarily been for the right reasons:

“Yes, I got more matches, but then came the ‘mansplainers.’ Working in Web3 — which still very much feels like a man’s world — has no shortages of challenges. Dodging mansplainers in and out of work and on Tinder is exhausting.”

According to Salama, “mansplainers” are patronizing men who assume that women don’t understand the basics of the blockchain industry. Unfortunately, the crypto space is still largely male-dominated and can, therefore, be frustrating for some women. On the upside, Salama is aware of the fact that she is part of a transformative industry, which can also be beneficial in terms of finding romance. “I met a great guy at a friend’s dinner who is a crypto day trader and took a genuine interest and respect in my work and passion for Web3. We spent the whole night talking. I can’t say it was love since the relationship slowly fizzled out (we forked?) but he gave me that extra push to speak up for and own what I do and love,” explained Salama.

NFTs: Personalized love for the digital age

Crypto and dating aside, eToro’s study also found that 8% of respondents would be interested in receiving a nonfungible token (NFT) as a Valentine’s Day gift this year. According to Cox, this statistic wasn’t much of a surprise given the rise of the NFT market. Yet, Cox noted that this finding was interesting since it demonstrates that Millennials and Gen Z’s value identity-themed products. “The younger generation wants to own something in real life or in the Metaverse and that shows who they are — NFTs represent this.”

As a result, a number of identity-themed Valentine’s Day NFTs are being offered this year. For example, jewelry designer MYKA has created a limited edition NFT collection consisting of digital drawings on three of their best selling jewelry pieces.

Ronnie Elgavish, vice president of global marketing at MYKA, told Cointelegraph that he believes more couples will give NFTs this Valentine’s Day due to the rise of the Metaverse and desire for a digital identity. 

Ivan Sokolov, founder of Mintmade — a platform that offers programmable templates for NFTs — agrees with Elgavish. He told Cointelegraph that he thinks more couples will give tokenized Valentine’s Day cards this year.

Sokolov said that Mintmade allows users to mint a pair of custom NFTs with their and their partner’s names on them. “These NFTs are user generated, meaning it is created by the buyer. The buyer simply enters two names on the platform and can mint the NFT with these names on it,” explained Sokolov.

In addition to NFT Valentine’s Day gifts, eToro’s study found that nearly 20% of singles would be more interested in dating someone if they used an NFT as a profile picture on a social platform or dating site. “So, if your gift of an NFT doesn’t pan out, you can always use it to find a new date for March,” joked Cox.

Crypto may be sexy, but safety concerns remain

Although eToro’s findings suggest that crypto terminology and features may make online dating profiles more attractive, safety is a major factor that must also be considered when publicly mentioning cryptocurrency. Keeping a user’s crypto safe has become a main concern as the industry goes mainstream.

To put this in perspective, a recent report from blockchain analysis firm Chainalysis found that the intersection between cryptocurrency and crime grew to become a $14 billion industry in 2021. Justin Maile, manager of investigations at Chainalysis, told Cointelegraph that it’s best not to flaunt that you own crypto — especially investing or any holdings — on your dating profile to avoid making yourself a target. Maile added that scams are not confined to dating apps. “Meta (Facebook), Instagram, LinkedIn, Quora, Discord, WeChat and others are all platforms scammers use to find their victims,” he said.

Maile further noted that while he believes it’s okay to publicly mention an interest in crypto, additional details shouldn’t be revealed. “Similar to how you wouldn’t publicly share that you have a savings account and how much is in it, it’s safest to not publicly share that you own crypto to avoid making yourself a target.”

Moreover, Cox remarked that eToro’s findings demonstrate that adding the term “crypto” to a dating profile helps hone in on a user’s identity, but that online daters must be wise and prudent about what they reveal. “There are good and bad actors everywhere, so individuals must be careful whether or not ‘crypto’ is mentioned in their profiles.” 

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UK Bans Crypto Ads by Papa John’s Pizza, Coinbase, Etoro, Luno, Kraken

UK Bans Crypto Ads by Papa John’s Pizza, Coinbase, Etoro, Luno, Kraken

UK Bans Crypto Ads by Papa John's Pizza, Coinbase, Etoro, Luno, KrakenThe U.K. advertising watchdog has banned several cryptocurrency ads, including those by Papa John’s Pizza, Coinbase, Kraken, Etoro, and Luno. The authority says the ads are “misleading” and “irresponsibly taking advantage of consumers’ inexperience.” 7 Crypto Ads Banned by UK Authority The Advertising Standards Authority (ASA) banned seven cryptocurrency ads Wednesday. The ads are for […]
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UK advertising watchdog bans crypto ads for Coinbase and Kraken

UK advertising watchdog bans crypto ads for Coinbase and Kraken

The ASA wants crypto firms to make it clear that past crypto rallies do not guarantee the same scenarios in future.

The Advertising Standards Authority, or ASA, the United Kingdom’s independent advertising regulator, has taken down another batch of cryptocurrency-related ad campaigns promoting several major industry firms.

On Dec. 15, the advertising watchdog issued several rulings on ad violations involving six crypto-related firms including Coinbase, Kraken, eToro, Exmo, crypto broker Coinburp and Luno crypto exchange. The ASA also issued a similar ruling for pizza chain Papa John’s.

All seven ads or promotions were banned for “irresponsibly taking advantage of consumers inexperience and for failing to illustrate the risk of the investment,” the rulings said.

The ASA argued that Coinbase’s European branch specifically put out a “misleading” promotion on its paid Facebook ad in July 2021, including a text stating “five pounds in Bitcoin in 2010 would be worth over 100,000 pounds in January 2021.”

According to the advertising regulator, the ad “implied there would be a similar guaranteed increase in Bitcoin value over the next decade.” Coinbase Europe also “did not make clear that past performance was not necessarily a guide for the future,” the ASA noted.

Another ASA’s ruling was against Kraken operator Payward, related to a digital poster for Kraken seen in August 2021 at London Bridge station. The watchdog argued that the ad lacked a proper risk warning as a risk disclaimer was only shown “for one second.”

“The risk warning only ran for one second at the beginning of a 20-second ad and we considered it presented the consumer with a large amount of information that would not be fully read or understood even if it was seen at all,” the ruling reads.

Related: UK politicians say cryptocurrency is ‘not an investment’

The latest regulatory moves by ASA join a number of similar rulings made earlier this year as the authority has been actively hunting and shutting down misleading crypto adverts.

In May, the ASA took down another ad campaign by Luno exchange. The ad was shown across the London Underground network and on London buses this year, with posters including an image of Bitcoin saying: “If you’re seeing bitcoin on the Underground, it’s time to buy.” The regulator previously banned an ad campaign by Coinfloor exchange.

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Florida Governor Ron DeSantis Proposes Creating a Cryptocurrency Payment System for State Fees

Florida Governor Ron DeSantis Proposes Creating a Cryptocurrency Payment System for State Fees

The American politician and attorney serving as the 46th governor of Florida, Ron DeSantis, announced the state’s 2022-23 budget proposal last week and proposed an idea to let businesses pay state fees with crypto assets. The governor’s “Freedom First Budget” suggests creating a department in Florida to accept state fees in cryptocurrencies. Florida Governor’s Freedom […]
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Etoro to Limit Cardano and Tron Services in US Due to Regulatory Concerns

Etoro to Limit Cardano and Tron Services in US Due to Regulatory Concerns

etoroEtoro, an Israel-based trading platform, has taken action on its platform regarding the trading of cardano and tron. Now, U.S.-based customers will have limited functionality with these cryptocurrencies on the Etoro platform starting in December. Etoro explained in a post that these new measures were a consequence of “business-related considerations in the evolving regulatory environment.” […]
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Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Panic had washed over the Cardano community after news broke that midsize exchange eToro would be delisting the token, alongside Tron. The announcement came as a surprise and users milled onto social media to try to get explanations after receiving the email alerts. eToro had not given much of an explanation besides regulatory concerns which did not do much to quell the panic. Many had worried that the delisting was a result of low liquidity. Given this, there had been the need for some clarification. Cardano founder Charles Hoskinson took to Twitter to address these concerns, assuring investors that liquidity had nothing to do with the delisting and soothing nerves. Related Reading | eToro Announces Cardano (ADA) And Tron (TRX) Delisting, Points To Regulatory Concerns Hoskinson Addresses Community Hoskinson started out by explaining that he actually had no idea about the delisting because IOG, the developer arm which is mostly involved with, did not handle listings. In the 13-minute video posted to Twitter, he clarified that there were actually no liquidity problems with Cardano, which was not a factor in the delisting. Turning to the regulatory concerns, the Cardano founder addressed the current global regulatory climate around crypto and pointed out that the consequences of this were “a systemic lack of clarity. Since there are no global regulatory standards, then usually, it is up to countries, states, and even organizations on how they handle matters concerning cryptocurrencies. ADA price drops to three-month low | Source: ADAUSD on Japan, for one, possesses some of the strictest cryptocurrency laws and regulations when it comes to crypto. However, ADA had been successfully trading in the region for months now without a problem. Also as more exchanges in the region had picked up the digital asset, liquidity had gone up. There is also adequate liquidity in the U.S., the founder says, which points to it not being a problem. “The best you can do in these things is navigate this on a case by case basis, on an exchange by exchange basis.” Good News For Cardano After the news of the eToro delisting had hit the market, the price of ADA had immediately suffered the harmful impacts that an announcement like this could have. Cardano which had been suffering greatly in the market had dropped to a three-month low when it hit $1.67. In his video, Hoskinson had pointed out that although the digital asset was being delisted from eToro, it was being listed on another exchange. Bitstamp had announced that it was listing the digital asset, a considerably larger exchange by volumed compared to eToro. Related Reading | Cardano Increases Block Size By 12.5%, What This Means There is no telling what effect a listing like this might have on the asset going forward. However, it comes at a time where the community is looking for a light at the end of the tunnel of bad news. As for eToro, Hoskinson revealed that the Cardano team had no idea of the delisting. “On our side, we had no indication of this from eToro and it’s rather unfortunate that nothing was sent our way,” said the founder. “We at least could have better understood their reasons,” he added. Featured image from CryptoSlate, chart from
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