On December 21, the Advertising Standards Authority (ASA), the UK’s advertising regulator, banned Crypto.com’s NFT promotion.
According to the press release, ASA flagged a paid-for Facebook advertisement for the crypto platform, citing a failure to illustrate the risk of investing in NFTs and clarify fee details.
This is not the exchange’s first complaint about an advertisement. In fact, the regulator banned two advertisements from the platform earlier this year in response to a similar complaint.
In response to the ASA’s decision, Crypto.com believes the NFTs available on its platform are not “financial in nature.” It further stated that the ad only promoted the exchange itself on which NFTs could be purchased and not specific NFTs and called the regulator’s request to be “unreasonable.”
The ASA had ramped up its focus on crypto advertising since last summer and was gearing up to introduce further guidance. The goal is to prevent misleading ads by conducting proactive monitoring and enforcement of crypto advertising.
(Reporting by Shikha Singh, Editing by Laxmikant Khanvilkar)
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