The UK’s Advertising Standards Authority (ASA) banned a number of adverts from crypto exchange Coinbase (COIN) on Wednesday, saying they suggested investing in crypto could help viewers escape financial problems and misrepresented the risks of crypto investing.
The adverts, released in August, highlighted the financial pressures affecting some UK households and carried the phrase “If everything is fine, don’t change a thing” alongside the Coinbase logo.
“By portraying the country as failing in areas such as cost of living and home ownership, the adverts suggested to consumers that they should make a financial change,” the ASA said in its decision. “Because the advertisements implied that cryptocurrency could be an alternative to common financial problems associated with the cost of living, we considered them to trivialize the risks associated with investing in cryptocurrency.”
The decision highlights how UK regulators are monitoring messages that they believe downplay investment risks or present digital assets as a solution to economic hardship. The Financial Conduct Authority (FCA) recently launched a series of consultations on new rules for the sector which are to be implemented by October 2027.
The US-based company’s adverts include a satirical two-minute video showing people happily singing “all is well, all is well” as their homes fall into disrepair and suffer a power cut, while out-of-state Brits dance happily through streets littered with rats and piles of overflowing bin bags.
“While we respect the ASA’s decision, we fundamentally disagree with characterizing a campaign that critically reflects widely reported economic conditions as socially irresponsible,” a Coinbase spokesperson told CoinDesk.
The advertising watchdog told Coinbase that ads should not reappear in the same form and to ensure that future ads do not misrepresent the risks of crypto or imply that they are a solution to financial problems.
The Coinbase spokesperson said they were not intended to “offer simplistic solutions or minimize risk.”
Coinbase believes that “while digital assets are not a panacea, their responsible adoption can play a constructive role in a more efficient and freer financial system,” they said. “Coinbase remains committed to authentic and engaging communication and operating responsibly within the UK regulatory framework.”
