Advertising Standards Authority Plans To Introduce New Guidance For Crypto Ads
The United Kingdom’s advertising regulators are now ready to take steps against Ponzi scheme based advertisements. They are planning to halt advertisements which are misleading for people.
A spokesperson of The Advertising Standards Authority (ASA) reported, the ASA authority of U.K. will now introduce new guidelines for the advertisement platforms so that they can prohibit all types of misleading, Ponzi schemes, scam based or high Investment reward based ads.
“carry out proactive monitoring and enforcement of crypto advertising and will also scope out additional guidance in the coming weeks.”
And also they will do further research whether the influencers at Social media platforms are doing promotions of genuine Cryptocurrency projects or they are also intending people to Invest in Ponzi schemes.
It should be noted here, ASA responded after one month of the report against a Cryptocurrency Exchange which tried to influence people to buy bitcoin through the ads and banners on London Underground and London Buses.
Many people believes, This action by the U.K. advertising regulatory authorities are because of the scams by many Youtubers & influencers who are influencing their audiences and making money with Indirect scam.
ASA spokesperson said,. There should be a clear separation in the advertisement whether they are genuine or scam based and it should be the responsibility of the advertiser that which type of ads they are and how they are promoting.
To control such things they will introduce new guidelines soon.
A recent case can be seen where a youtuber was accused of scamming his subscribers through own Million Token coin promotion & manipulated pump & dump through liquidity. Read the whole drama here.
Related: YouTube Accused For Million Token Pump & Dump Engineering
Few crypto experts also claimed that the action of Advertising Standard Authorities is because of people like John McAfee & Elon Musk who are trying to manipulate the market.
Related: John McAfee Found Dead in Prison Cell : El Mundo
Since McAfee has passed away and also faced punishment for manipulation, there are many people like him who are following McAfee’s path to manipulate the Market.
Read also: Cardano overtakes Bitcoin On eToro Social Trading Platform
