Cryptocurrency app Luno has been ordered to amend advertisements displayed throughout London's transport network after they were deemed "misleading" by the U.K. advertising regulator.
- Ads for the London-based exchange have been common sights at the city's bus and Underground stations since last year, telling passengers: "If you're seeing Bitcoin on the Underground, it's time to buy."
- "We therefore concluded that the ad was misleading," the ASA concluded. Luno has agreed that future ads will take a different form and feature an "appropriate" risk warning.
- The ASA's investigation came after receiving three complaints stating that the ads failed to illustrate the inherent risks of bitcoin investment. One also asked whether the ad was taking advantage of consumers' inexperience.
- Luno, which has 7 million customers worldwide, is a subsidiary of Digital Currency Group (DCG), the parent company of CoinDesk.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.