With the crypto regulatory framework taking shape, advertising remains in the spotlight.
The Advertising Standards Authority – UK’s advertising regulator – banned an NFT promotion by Crypto.com on December 21., ASA flagged a paid-for Facebook advertisement for the crypto platform, citing failure to illustrate the risk of investing in NFTs as well as clarify details with regard to fees.
Further contesting the need to mention fees, Crypto.com said that the ad in question did not refer to the company’s selling capabilities and only indicated the purchasing of NFTs, which did not incur a fee for any payment methods.Crypto.com also argued that customers were given clear warnings about the associated fees once they choose to list an NFT for sale. Clients using the platform to mint their own NFTs were also alerted of such fees before being able to use the service.
“We told Foris DAX Global Ltd t/a Crypto.com that their advertising must make clear the risks of NFTs by stating that they were an unregulated crypto asset and that their value could go down as well as up. They should also not omit material information regarding fees and charges on their platform.”
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