The UK”s Advertising Standards Authority (ASA) has prohibited a recent advertising campaign by Coinbase, citing concerns that it trivializes the inherent risks associated with cryptocurrency investments. The ASA”s ruling applies to a two-minute musical advertisement and three billboard posters, which were criticized for presenting cryptocurrency as a solution to significant financial issues without adequate risk disclosures.
This decision followed 35 complaints received by the ASA, which deemed the ads to be “irresponsible.” The campaign depicted a distressed urban environment filled with litter and economic hardship, showcasing scenes of job losses and rising costs of living. The ads concluded with the phrase, “If everything”s fine, don”t change anything,” accompanied by the Coinbase logo.
The three billboard posters were strategically placed in high-traffic areas, including London Underground stations. Each poster highlighted pressing economic challenges faced by UK citizens, with messages such as “home ownership out of reach,” “eggs now out of budget,” and “real wages stuck in 2008.” All posters featured the same slogan alongside the Coinbase branding.
A key issue raised by the ASA was the absence of mandatory risk warnings regarding cryptocurrency investments, as outlined by the UK”s Financial Conduct Authority. The ASA asserted that the campaign could mislead the public by suggesting that high-risk financial products are a straightforward solution to complex economic problems.
Initial plans for the video ad included broadcasts on television; however, it was rejected by Clearcast, the organization responsible for clearing TV commercials, due to concerns that it presented cryptocurrencies as viable solutions to economic challenges without substantiation. Despite the television ban, the video was made available online, and the posters were distributed publicly.
Coinbase defended its campaign, suggesting that consumer awareness of digital assets has increased. The exchange maintains that the advertisements did not promote irresponsible investment behavior or offer specific solutions to the highlighted issues. Furthermore, Coinbase pointed out its user protection measures, which include a knowledge quiz and a 24-hour cooling-off period for new accounts in the UK.
CEO Brian Armstrong characterized the ban as a form of “censorship,” arguing that the decision implies there is a “kernel of truth” in the campaign”s message. He emphasized that the call for an updated financial system should not be interpreted as a political statement but as a critique of a traditional financial system that fails to serve many individuals effectively. Armstrong expressed that criticisms of the ad would ultimately contribute to a broader awareness of these issues.
The advertising ban applies to the campaign”s video appearing on platforms like YouTube and other streaming services, although Coinbase retains the option to share the video on its social media channels. The company may also consider modifying the campaign to align with UK advertising regulations.
