A few days ago we were notified by our contact in the UK that the Advertising Standards Authority (ASA), the country’s media regulator, was looking into the website Luno, a very popular exchange for trading Bitcoin, Ripple and other cryptocurrencies. We are not sure why the ASA is looking at this particular exchange, as there are a lot of other crypto exchanges that pose a greater risk to consumers in the UK.
The Advertising Standards Authority (ASA) of England has been going after Luno, one of the world’s largest cryptocurrency exchanges, for running an ad that promoted the use of Bitcoin as a haven for money laundering. The ASA has banned the ad from being broadcast again, unless they find “further evidence that the claim is true.”TL;DR Breakdown
• The Luno platform makes a deceptive advertising campaign, according to ASA.
• The advertising campaign motivated people to buy Bitcoin before it is regulated.
British Advertising Standards Authority, ASA, formally accused Luno’s platform. The lawsuit is based on the crypto platform running fake promotions in the city.
However, the allegations are also linked to the latest announcements by the ASA against crypto. The central agency described the decentralized market as risky due to its lack of information and exaggerated publicity. Even ASA indicates that it will pay more attention to the companies that trade the tokens.
The director of complaints at the ASA suggests that they see cryptocurrencies as a point to be discussed. The crypto market attracts the organism’s eye for promoting economic campaigns on the borders of England.
Luno is in the eye of the hurricane
Luno’s crypto platform at the moment is in the eye of the hurricane by UK regulations. Both the ASA and FCA closely follow crypto, which they have repeatedly branded as “fraudulent.” However, as a surprise, there are no rules about tokens and advertising campaigns today.
The Tax Conduct Commission has an odd tie to crypto, but it’s visionary. On one extreme, FCA alerts investors and even makes the Central Bank join their ideals. But the agency is registering crypto to authorize its operations.
Luno, like other websites aimed at cryptography, is at the center of the mess in the territory. However, this has not allowed the platform to cease its operations with the tokens.
Crypto platform attracts new investors
Luno is very popular, and it is not surprising that it attracts new investment. However, the accusation against the exchange for publicity has not yet been forgotten by the authorities.
Luno placed several advertisements on buses in the region, which encouraged trading Bitcoin and another crypto. In the advertising, they encouraged to buy the tokens before it was incorporated into the central market.
However, ASA only saw that the advertisement was false from risk ignorance perspective. The organization indicates that Bitcoin trading is volatile, complex and would attract substantial losses to the investor. The crypto platform mistakenly targeted London citizens unaware of decentralized negotiations.
But the Luno CEO does not accept this accusation and takes it as a personal problem. While the crypto industry is repressed in the UK, these advertising measures may be extreme.
It is unknown what sanctions the crypto company will likely face. However, this does not discourage active investors and new enthusiasts towards the crypto market in the region. Regulations in England are likely to increase after this problem.
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