Renowned cryptocurrency app Luno has been ordered to amend advertisements displayed throughout London’s transport network after they were deemed “misleading” by the United Kingdom advertising regulator.
Ads for the London-based exchange are common sights at the city’s bus and Underground stations since last year, telling passengers: “If you’re seeing Bitcoin on the Underground, it is time to shop for.”
According to ASA [Advertising Standards Agency], the ads “gave the impression that bitcoin investment was straightforward and accessible,” when it’s actually “complex, volatile, and will expose investors to losses”.
“We, therefore, concluded that the ad was misleading,” the ASA concluded. Luno has agreed that future ads will take a special form and have an “appropriate” risk warning.
The ASA’s investigation came after receiving three complaints stating that the ads did not illustrate the inherent risks of bitcoin investment. One also asked whether the ad was taking advantage of consumers’ inexperience.
Luno, which has presently over 7 Mln users worldwide, may be a subsidiary of DCG [Digital Currency Group].