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There are 40,000 cryptocurrency advertisements in London, which is a new high

It’s nearly difficult to walk around London these days without seeing a cryptocurrency advertisement. Last year, 39,560 crypto advertising from at least 13 organizations was displayed in London’s public transportation terminals. According to statistics, this is the most crypto advertisement ever seen in any city on the planet.

Even though it may appear to be a marketing milestone for bitcoin companies, there are growing concerns about financial loss and manipulation caused by these advertisements. In the United Kingdom, cryptocurrency marketing is uncontrolled, which means that practically any corporation can promote its tokens in one of the world’s busiest cities.

Around London’s Tube stations, bus stops, and even within its trains, there are various advertisements for unregulated meme currencies and unproven NFT projects. The TLF (Transport for London) has repeatedly urged the Mayor of London to prohibit the promotion of unregulated financial products.

London has a record 40,000 cryptocurrency adverts 1

Several politicians, including Siân Berry of the Green Party of England, have opposed such advertisements. TLF, according to the legislator, should have an approval procedure to regulate these adverts; otherwise, Londoners may become victims of expanding cryptocurrency scams or develop a trading addiction.

Sadiq Khan, the city’s mayor, vowed a comprehensive ban on gambling advertisements earlier this year. That promise, however, has yet to be honored nearly a year later. Conservative politicians are now urging the Mayor to follow through on his vow and extend the ban to cryptocurrency advertisements.

Cryptocurrency advertisements are exploding around London

The Advertising Standards Authority (ASA) prohibited seven companies from running crypto advertisements in the UK last month, including huge names like Coinbase, eToro, and Papa Johns Pizza. Because of the deceptive nature of their advertisements, the prohibition was solely applied to these brands.

cryptocurrency ad

The ASA had also prohibited a specific Bitcoin ad from a famous crypto exchange in London, which appeared to be deceiving people into buying BTC. However, none of these prohibitions were applied to the whole crypto sector. Furthermore, the ASA did not establish a unique regulatory framework for approving crypto advertisements. As a result, these advertisements are nearly spreading at the speed of light, especially in densely populated areas such as London.

Cryptocurrency advertisements were not very common in the UK a few years ago. eToro was the only company advertising cryptocurrency in London in 2019. The corporation only had five digital displays and 40 large posters for its crypto advertisements. In 2020, other enterprises like Coinfloor and Luno joined public marketing, resulting in roughly 1600 crypto advertisements in London.

In 2021, the entire market for bitcoin advertising in London surged as cryptocurrency became more popular than ever before. There were roughly 15,000 advertising in London in the first two months of 2021, and by the end of the year, the number had more than doubled.

The city has now established itself as a significant competitor for crypto platforms. Although a complete prohibition on advertisements would be detrimental to the crypto ecosystem as a whole, a controlled approach is critical in protecting traders from potential scams and frauds, which are an unfortunate aspect of the market.

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