UK ad watchdog cites 2 former reality stars for crypto ads on Instagram stories
The ASA says the Gale twins can no longer publish crypto ads "in the form complained of", but didn't stop them from promoting digital assets in future ads.
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The UK's independent advertising regulator has upheld a complaint against Eve and Jessica Gale, former contestants on reality TV show Love Island, for "insignificant investment in cryptocurrency".
In a notice on Wednesday, the UK Advertising Standards Authority, or ASA, said reality TV stars promoted crypto in an Instagram Story in June at the request of an influencer named Elizabeth O'Donell and confirmed that the ad was "misleading" and "irresponsible." According to the regulator, O'Donell was not only providing advice on crypto trading - as Gales' stories claimed - but was promoting investing in cryptocurrencies without illustrating the possible risks.
“We therefore considered that the advertisements were aimed at a general audience who likely had no specialist knowledge of investing in crypto-assets,” the ASA said. “In the absence of any other information to the contrary, we considered that consumers would interpret the general impression of the advertisements to mean that investing in crypto-assets was simple and risk-free, even for consumers who had only 'a limited knowledge of crypto-assets."< /p>
The regulator said that because the adverts were not "prepared with a sense of responsibility" they breached the UK Code of Non-Display Advertising, Sales Promotion and Direct Marketing, adding that the Gales' story did not mention the possibility of crypto prices "could go down as well as up" as well as their largely independent status in the UK. The ASA also alleged that O'Donell and the Gales "took advantage of the consumer inexperience or credulity" by not including information about capital gains taxes to be paid on crypto profits.
In its ruling, the ASA said the Gales could no longer publish the crypto advertisements “in the form complained of,” but did not prohibit the twins from promoting the digital assets in the future social media advertisements. At ...
The ASA says the Gale twins can no longer publish crypto ads "in the form complained of", but didn't stop them from promoting digital assets in future ads.
New
The UK's independent advertising regulator has upheld a complaint against Eve and Jessica Gale, former contestants on reality TV show Love Island, for "insignificant investment in cryptocurrency".
In a notice on Wednesday, the UK Advertising Standards Authority, or ASA, said reality TV stars promoted crypto in an Instagram Story in June at the request of an influencer named Elizabeth O'Donell and confirmed that the ad was "misleading" and "irresponsible." According to the regulator, O'Donell was not only providing advice on crypto trading - as Gales' stories claimed - but was promoting investing in cryptocurrencies without illustrating the possible risks.
“We therefore considered that the advertisements were aimed at a general audience who likely had no specialist knowledge of investing in crypto-assets,” the ASA said. “In the absence of any other information to the contrary, we considered that consumers would interpret the general impression of the advertisements to mean that investing in crypto-assets was simple and risk-free, even for consumers who had only 'a limited knowledge of crypto-assets."< /p>
The regulator said that because the adverts were not "prepared with a sense of responsibility" they breached the UK Code of Non-Display Advertising, Sales Promotion and Direct Marketing, adding that the Gales' story did not mention the possibility of crypto prices "could go down as well as up" as well as their largely independent status in the UK. The ASA also alleged that O'Donell and the Gales "took advantage of the consumer inexperience or credulity" by not including information about capital gains taxes to be paid on crypto profits.
In its ruling, the ASA said the Gales could no longer publish the crypto advertisements “in the form complained of,” but did not prohibit the twins from promoting the digital assets in the future social media advertisements. At ...
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