The UK advertising watchdog banned a series of Coinbase adverts. The watchdog deemed the ads "irresponsible" and stated they trivialized the significant risks of cryptocurrency investment.
The Advertising Standards Authority (ASA) specifically targeted a campaign. This campaign suggested Coinbase could answer the rising cost of living crisis. The regulator determined this approach took advantage of consumers' financial concerns.
The banned adverts featured a video. The video used humor to depict serious financial issues, including rising prices and job losses. It then presented the Coinbase logo as a potential solution. The ASA stated this approach risked presenting complex, high-risk financial products as an easy way to address widespread economic problems.
This action highlights increasing regulatory scrutiny on cryptocurrency firms. Regulators focus on how these firms market products to the public, especially during times of financial hardship.