The UK’s Advertising Standards Authority has banned a Coinbase TV advertisement, signalling a tougher regulatory climate and pushing crypto brands to rethink their messaging.
The TV commercial starts with a leaking ceiling, which later breaks, indicating how Great Britain clings to the old traditional financial system. “Everything is just fine, everything is grand,” it says, implying that there has to be a “strategic realignment.”
UK’s Approach to Crypto is Conservative, Says Coinbase CEO
Following the ban, Coinbase CEO Brian Armstrong voiced strong disapproval of the UK crypto policy. He wrote on X to his 1.5 million followers that the ban has sparked “quite a reaction.”
“If you can’t say it, then there must be a kernel of truth in it.”
Armstrong highlighted how the traditional financial system fails many, while crypto offers a better way to improve that.
“Needing to update the system and improve society is not a political statement on either party in the UK,” he wrote. “And it’s not specific to the UK.”
Armstrong criticized “a very outdated view” among some UK citizens who equate crypto with gambling. He said that they have “completely missed the potential of crypto,” which is here to update and improve the financial system.
“We welcome the attacks and any other attempts to censor this message, as it just helps it spread,” he noted.
Some of the Banned Crypto Adverts Still Run in the UK
As of January 2025, illegal crypto ads continue to appear in the United Kingdom despite the FCA’s ban on such adverts targeting UK citizens.
Per the Financial Times, only 54% of the 1,702 alerts issued by the UK’s FCA have been taken down, while the rest of the banned promotions are still up and running.
Further, the regulator hasn’t fined companies that failed to remove crypto ads violating the FCA’s rules. As reported earlier, despite these bans, insiders note the lengthy process required to build cases and issue fines.
Former FCA chair Charles Randell stressed the need for stricter enforcement. He said at the time that unless a “very real and present threat of legal action” is visible to authorized crypto exchanges that issue non-compliant ads, “we’re unlikely to see any change.”
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