Crypto.com rapped by ASA over NFT ad

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Updated December 22, 2022 | Published December 22, 2022

2 mins read

Crypto.com has been reprimanded by the UK’s media watchdog over its promotion of NFTs in a Facebook ad dating to the summer of 2022.

Crypto.com has had another advertisement suspended by the UK’s media watchdog, the Advertising Standards Authority (ASA), which argued that the promotional inducement fell foul of the self-regulation standards in the country.

This is the second time that this has happened in the case of Crypto.com, the ASA assured.

The ad was available on Facebook, and it featured a Crypto.com NFT back in July. The issue that ASA highlighted in the advertisement was that it featured inducement but failed to properly explain the risks associated with NFTs.

In January, ASA banned two of Crypto.com’s ads, ruling that they were irresponsible over their failure to properly illustrate the risks associated with crypto investment.

ASA dubbed the ads “irresponsible” and that they took advantage of consumers and investors who lacked the necessary experience or were prepared to invest in the sector without doing their due diligence.

The same assessment applied to Crypto.com’s latest ad. “Because the ad did not include any risk warning making consumers aware that the value of NFTs could go down as well as up, or that they were an unregulated crypto asset we concluded that the ad was misleading”, ASA said.

Crypto.com submitted an answer to the regulator and said that the Facebook ad was no longer available.

However, Crypto.com also explained that the ad in question did not induce customers to buy any specific NFT, but rather introduced NFTs as an investment class. Therefore, it would be unreasonable to include limitations or qualifications regarding the risks of investing in NFTs.

Crypto.com said that there was no need to refer to “fees” in its advertisement as purchasing NFTs on its platforms was fee-free.

Regulators have been particularly wary of crypto advertisement, particularly in the UK where the ASA wants to protect consumers in the best possible way.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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