British Regulators Prohibit Coinbase Advertisements for Downplaying Cryptocurrency Dangers
The crypto exchange's musical advertising campaign showing Britain in decline has faced comprehensive prohibition from UK advertising authorities after being deemed irresponsible for minimizing investment risks.
Britain's Advertising Standards Authority (ASA) determined that the advertisements — comprising a musical-style satirical video along with three poster displays — exhibited "irresponsible" characteristics and "trivialized the risks of cryptocurrency," according to a Wednesday report from The Guardian.
"We considered that using humour to reference serious financial concerns, alongside a cue to 'change,' risked presenting complex, high-risk financial products as an easy or obvious response to those concerns,"
the ASA said.
Despite the television prohibition, the ASA noted that the video received online distribution, and the three poster advertisements had been displayed in "high-traffic areas such as the London Underground and rail stations."
The poster advertisements featured messaging that stated "home ownership out of reach," "eggs now out of budget," and "real wages stuck in 2008," with each displaying the phrase "If everything's fine, don't change anything" alongside the Coinbase logo.
Coinbase CEO defended ad after TV ban
Brian Armstrong, Coinbase's chief executive officer, came to the television advertisement's defense in August, claiming the TV prohibition indicated "there must be a kernel of truth in it."
"Needing to update the system and improve society is not a political statement on either party in the UK. It's a statement about how the traditional financial system is not working for many people and how crypto represents a way to improve that."
Brian Armstrong
"We welcome the attacks and any other attempts to censor this message, as it just helps it spread," Armstrong added.
The advertisement, running two minutes in duration, portrays individuals performing a song proclaiming "everything is just fine, everything is grand" while their residence deteriorates surrounding them, alongside imagery showing a deteriorating street filled to capacity with garbage bags and rodents surrounded by dancing sanitation workers.
The video additionally features grocery shoppers performing songs about increasing prices for food and employees experiencing mass termination, concluding with refuse falling from above onto a city street overlaid with the message "If everything's fine, don't change anything," prior to transitioning to the Coinbase logo.
Coinbase did not immediately respond to a request for comment outside of normal business hours.