Connect with us

Compliance Updates

ASA Bans 7 Crypto Ads in the UK

Published

3 years ago

on

Reading Time: 2 minutes

 

UK advertisements watchdog has banned seven cryptocurrency ads by categorising them as “red-alert priority”. The banned ads include ones by Coinbase and Papa Johns.

The Advertising Standards Authority (ASA) said its rulings follow proactive monitoring of cryptoasset ads, and form part of a wider project that will eventually shape specific guidance around advertising these products in 2022.

It added that consumers need to know about the risks of investing in cryptoassets and companies should make sure that their ads aren’t misleading or socially irresponsible, and don’t take advantage of consumers’ lack of awareness around these “complex and volatile products”.

A Twitter bio for a cryptocurrency trading platform Coinburp, cryptocurrency promotion by Papa John’s and a digital poster for online cryptocurrency exchange Payward were all banned, mainly for “irresponsibly taking advantage of consumers’ inexperience.”

The Coinburp ad also failed to illustrate the risk of the investment, ASA said.

A YouTube video promoting Exmo Exchange, an in-app ad for Luno Money, a paid-for Facebook ad for Coinbase Europe, along with an ad for eToro were also among the offenders.

“We’ll continue to review cryptoasset ads over the next few months, not just for cryptocurrencies but also for nonfunglible tokens and fan tokens, and this will feed into our future enforcement work and guidance,” the authority said.

“Cryptoassets are a red-alert priority issue for us, so we’re conducting proactive monitoring and interventions where we find issues,” said Miles Lockwood, director of complaints and investigations.

“Our rulings published today and over the next few weeks will shape follow-up enforcement work in the new year to bring all cryptoassets ads into line with our expectations and will form the basis of updated guidance.”

“We won’t hesitate to take action against ads that break our rules. We encourage anyone with any concerns about ads they’ve seen to get in touch.”

Elizabeth Rayment, director at Your Mind Media, said the ban of the crypto-related ads by the UK watchdog “comes as regulators move to set up rules around the crypto industry in general, be it trading or advertising to protect retail users”.

“While cryptocurrencies have gained significant popularity recently they are still unknown to many consumers. The understanding of cryptocurrencies, their financial impact and the risk they involve remains limited among the general public and as such, advertising to them can be seen as concerning.”

Related Topics:
Continue Reading
Advertisement

Altenar

Altenar gains ground in Brazil with virtual sports certification

Published

2 hours ago

on

April 23, 2025

By

altenar-gains-ground-in-brazil-with-virtual-sports-certification

 

Leading sportsbook technology provider ready to deliver premium virtual sports offering to local operators

Altenar has achieved a significant milestone in its LatAm expansion by securing a new certification to offer sportsbook and RGS, including virtual sports in Brazil.

This development underscores Altenar’s commitment to providing cutting-edge and engaging sportsbook solutions in regulated markets, and follows a string of landmark deals with industry leaders, such as Inspired, Kiron, Leap and Sportradar.

To achieve the certification, Altenar underwent a thorough evaluation process, demonstrating the provider’s dedication to compliance and its ability to meet the stringent requirements of the Brazilian market.

The integration of virtual sports from renowned providers will further enhance Altenar’s comprehensive platform, offering a dynamic and exciting vertical for Brazilian players that can be enjoyed 24/7.

Dinos Doxiadis, Director of Product – Sportsbook and Data at Altenar, said: “We are thrilled to achieve certification for virtual sports in Brazil. This marks another significant step in our growth across Latin America and reinforces our commitment to the burgeoning region.

“By joining forces with some of the industry’s most renowned providers, we are confident in our ability to deliver an unparalleled virtual sports experience to operators and players in Brazil. This offering will complement our existing sportsbook solutions and provide further opportunities for engagement and growth in this key market.”

The post Altenar gains ground in Brazil with virtual sports certification appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Compliance Updates

Dutch Regulator Issues Warning to 711 BV

Published

3 hours ago

on

April 23, 2025

By

dutch-regulator-issues-warning-to-711-bv
Reading Time: < 1 minute

 

The Dutch Gaming Authority (KSA) has warned 711 BV, a provider of online games of chance, for showing gambling ads on a website aimed at minors. The warning followed a report from a parent who saw an advertising banner from 711 on a website linked to homework assignments from primary schools.

By law, gambling providers are not allowed to advertise to vulnerable groups, including minors. This form of advertising is considered by the KSA to be very harmful and therefore a serious violation. Taking action against such advertising and taking extra care to protect minors and young adults will be a priority for the KSA in 2025.

The 711 advertising campaign was carried out by an external partner. This party placed banners on various websites, including sites that are (partly) aimed at minors. In a conversation with the KSA, 711 indicated that it had already discovered this itself after an internal investigation and had taken measures to prevent recurrence. The provider did not report this, but should have done so: licensees are obliged to inform the KSA of errors on their part that could pose a danger to consumers.

The KSA dealt with the violation with a warning, because 711 itself had discovered and ended the violation and taken measures to prevent recurrence.

The post Dutch Regulator Issues Warning to 711 BV appeared first on European Gaming Industry News.

Continue Reading

Compliance Updates

UKGC Warns Operators Over Late Regulatory Returns

Published

3 hours ago

on

April 23, 2025

By

ukgc-warns-operators-over-late-regulatory-returns
Reading Time: < 1 minute

 

The UK Gambling Commission (UKGC) has issued a warning to operators, reminding them that failure to submit regulatory returns on time may lead to penalties and further enforcement actions.

The warning follows a spate of fines against operators who have failed to submit a regulatory return in the required timeframes for each type of activity for which they hold a licence.

Since October more than ten businesses have been fined up to £750 for not correctly completing and submitting regulatory returns within the required timeframe.

John Pierce, Commission Director of Enforcement, said: “Despite early engagement and the issuing of advice notices, further failures to comply with the regulatory returns process were identified in these cases. Operators are expected to understand their reporting obligations and must ensure returns are submitted on time via our online portal.”

“Repeated breaches and persistent non-compliance is likely to result in escalating enforcement action.”

On 1 July 2024, Licence Condition 15.3.1 – General and regulatory returns of the Licence Conditions Codes of Practice was updated to require all licensees to submit regulatory returns on a quarterly basis replacing the previous annual basis.

The next quarterly returns are due by 28 April 2025 and can be submitted via the eServices digital service on the UKGC’s website.

The post UKGC Warns Operators Over Late Regulatory Returns appeared first on European Gaming Industry News.

Continue Reading

Trending