Lindsey Choo, Protocol:
The U.K.’s Advertising Standards Authority said Tuesday that it had issued notices to over 50 companies that advertise cryptocurrencies, asking them to review their ads to ensure compliance with existing rules.
The guidance outlined in the official Enforcement Notices requires that advertisers “clearly state that cryptocurrencies are unregulated in the U.K. and that the value of investments are variable and can go down,” and that they cannot “imply that investment decisions are trivial, simple, easy or suitable for anyone.”
Additionally, the ads cannot imply a sense of urgency to buy crypto, create a “fear of missing out” or suggest that crypto investments are “low risk,” which would seem to rule out most crypto ads.
Looks like Matt Damon is going to have to record some new ads.
I was watching the Bahrain Grand Prix — well, some highlight reels — and could not help but notice the number of drivers and cars covered in logos from cryptocurrency sponsors. Alpine is sponsored by Binance, Aston Martin has a partnership with Crypto.com, Ferrari has Velas, McLaren and Red Bull sport Tezos logos — Red Bull also has a deal with Bybit — and Mercedes-Benz has FTX. That is not to mention Crypto.com’s extraordinary partnership with the Formula 1 organization: its logos were all over turns five, six, and seven of the circuit, it is sponsoring an “overtake king award”, and it will be the title sponsor of the forthcoming Miami Grand Prix. The marketing budgets of these companies must be extraordinary.