Britain’s advertising regulator has banned a series of ads from Coinbase, ruling that they implied that cryptocurrencies could help ease pressure on the cost of living and downplayed the risks associated with cryptocurrency investments.
The Advertising Standards Authority (ASA) upheld complaints from members of the public after the ads ran in August, which depicted Britain in various stages of decline alongside a satirical slogan and the Coinbase logo.
The campaign included three billboard ads and a video that profiled families, businesses and communities struggling economically. Scenes highlighted by the ASA included a family home “in a dilapidated state”, a high street with closed shops “littered with bags of rubbish and rats” and supermarket shelves bearing signs showing rising prices.
These images were paired with a satirical refrain suggesting that everything was “just fine,” followed by the slogan “If everything is fine, don’t change anything,” displayed alongside Coinbase’s branding.
In its ruling published on Wednesday, the ASA said 35 people had complained that the advertising was irresponsible and trivialized the risks of cryptocurrency, which remains largely unregulated in the UK.
“By portraying the country as failing in areas such as cost of living and home ownership, the ads implied that consumers should make a financial change,” the regulator said. It added that the combination of the slogan and Coinbase logo suggests that the crypto exchange “could be part of the solution to the financial problems highlighted in the ads.”
The ASA concluded that the adverts breached UK advertising rules and ordered that they should not appear again in their current form.
Coinbase said it disagreed with the decision. In a statement, the company said: “While we respect the ASA’s decision, we fundamentally disagree with a campaign that critically reflects widely reported economic conditions being described as socially irresponsible.”
“The ad should stimulate a discussion about the state of the financial system and the need to think about better future prospects, rather than offering simplistic solutions or minimizing risks.”
The ruling follows repeated warnings from the Financial Conduct Authority, which has advised people considering cryptocurrency investments that they should be “prepared to lose all their money” if values collapse.
The ASA has already taken action against crypto advertising that did not clearly communicate the risk. She has stressed that crypto products are “complex” and “volatile” and that advertising must make it clear when products are not regulated by the FCA and that investors may have no protection if something goes wrong.
In response to the ban, Coinbase acknowledged that digital assets are “not a panacea” for economic challenges, but said it believes “responsible adoption can play a constructive role in a more efficient and freer financial system.”
The decision underscores the UK regulator’s increasingly tough stance on crypto marketing, particularly when advertising is used to exploit economic fears or blur the line between social commentary and financial advice.
