The crypto-verse has encountered multiple issues with regard to the advertising of digital assets. Coinfloor seems to be the latest platform swimming in troubled waters for its “irresponsible and misleading” Bitcoin advertisement.
An array of videos and advertisements surfing on social media with celebrities endorsing crypto were taken down in the past couple of years, as they were fake and scammy. While governments are still fighting against these ads, a prominent crypto platform, Coinfloor has been called out for putting out a “misleading” Bitcoin advertisement.
Coinfloor Drowns In Troubled Waters
A recent report announced that the United Kingdom Advertising Standards Authority had charged Coinfloor for advertising Bitcoin in an “irresponsible and misleading” manner in a local news portal. The ad, with the picture of a 63 old woman suggested that converting her pension into Bitcoin was a wiser option as opposed to saving the money in the bank.
The advertisement read,
“More and more people are waking up to the savings power of Bitcoin… Today there is no point keeping it in the bank — the interest rates are insulting. […] That is why when I received my pension, I put a third of it into gold, a third of it into silver and the remainder into Bitcoin.”
The ad further goes on to appreciate the “Coinfloor’s Autobuy service” which reportedly eases the access, buying as well as holding of the king coin. However, the ad reportedly fails to mention the risks associated with investing in crypto and the volatility accept as well.
Furthermore, the United Kingdom Advertising Standards Authority pointed out the next few steps the platform had to follow in order to avoid more trouble. Starting with zero appearance of the ad, the blog post read,
“We told Coinfloor Ltd to ensure that future marketing communications made sufficiently clear that the value of investments in Bitcoin was variable and could go down as well as up, that Coinfloor Ltd and the Bitcoin market were unregulated, and that they also did not irresponsibly suggest that purchasing Bitcoin represented a secure investment of one’s savings or pension.”