(MENAFN) On Wednesday, the British Advertising Standards Authority (ASA) barred seven altcoin advertisements for deceiving customers.
The regulator stated that the advertisements were "misleading because it failed to illustrate the risk of the investment" and that they were "irresponsible because it took advantage of consumers’ inexperience or credulity."
The advertisements showed up on popular social media sites, like Facebook and Twitter, and a few involved a huge crypto trading platform as well as a pizza chain.
Based on ASA, an ad said "£5 in #Bitcoin in 2010 would be worth over £100,000 in January 2021. Don’t miss out on the next decade."
According to the regulator, "in the absence of any other information to the contrary, we considered that consumers would interpret the ad to mean that investment in cryptocurrency in general was simple and open to those with limited knowledge of the sector."
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