Crypto App Luno Ordered to Amend ‘Misleading’ Ads
26 May, 2021•1 min read•Regulation
Cryptocurrency app Luno has been ordered to amend adverts displayed on London’s transport network after they were deemed “misleading” by the UK’s advertising regulator.
Ads for the London-based exchange have been common sights at the city's bus and Underground stations since last year, telling passengers: "If you're seeing Bitcoin on the Underground, it's time to buy." The Advertising Standards Agency (ASA) said Wednesday that the ads "gave the impression that Bitcoin investment was straightforward and accessible," when it is in fact "complex, volatile, and could expose investors to losses". "We therefore concluded that the ad was misleading," the ASA concluded. Luno has agreed that future ads will take a different form and feature an "appropriate" risk warning. The ASA's investigation came after receiving three complaints stating that the ads failed to illustrate the inherent risks of bitcoin investment. One also asked whether the ad was taking advantage of consumers' inexperience. Luno, which has 7 million customers worldwide, is a subsidiary of Digital Currency Group (DCG), the parent company of CoinDesk.