ASA has issued an Enforcement Notice to over 50 firms which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated fairly. ASA has also warned it will monitor for compliance and implement sanctions if it does not see improvements.
The Notice includes guidance which requires that advertisers:
- should clearly state that cryptocurrencies are unregulated in the UK and that the value of investments are variable and can go down;
- must not state or imply that investment decisions are trivial, simple, easy or suitable for anyone; and
- must not imply a sense of urgency to buy or create a fear of missing out, or that investments are ‘low risk’.