Who would have thought, Bitcoin purchase ads (BTC) are finally inviting repercussions!
The crypto trading platform, Luno was today instructed to change the ads that were posted across London's transport network after it was found to be misleading by the United Kingdom (UK) advertising supervisor.
The ad displays an image of Bitcoin along with the message: ‘If you’re seeing Bitcoin on the Underground, it’s time to buy’ (If you see Bitcoin below, it’s time to buy it).
Clearly the supervisor, the ad from Luno shows bitcoin investing is simple and easily accessible whereas in fact, it is very complex with its volatile price. Because of that feature, inexperienced investors have the potential for immediate losses.
"Because of that, we believe that Luno's advertisement can invite misunderstanding," said the Advertising Standards Agency (ASA), which received three complaints related to the advertisement.
Luno has already agreed to change the ads and will change with a clearer message, especially the risks in crypto investments.
The Luno platform has 7 million users worldwide and is a subsidiary of Digital Currency Group (DCG), a large firm that owns CoinDesk.
If you notice, Luno's message is actually to tell, "buy the dip". Right?
