Neither easy nor secure – The regulator reframe these two stars of a reality show British, who had promoted crypto investments to their million followers on Instagram.
When UK reality TV and cryptos do not mix
It’s not the great love currently, between the British advertising regulator, and the twins Eve and Jessica Galethe stars of reality TV ” Love Island “. L’Advertising Standards Authority (ASA) didn’t like Instagram stories the two sisters posted. The twins were promoting a cryptocurrency investment system there, according to the regulator.
The story that Jessica Gale shared with her followers last June presented cryptocurrencies as “ a super fast and easy way to earn money extra from your phone “.
This speech contains all the ingredients that justify a Red card from the British agency. On September 7, the ASA put warns the two stars of reality TV, against these advertisements “ irresponsible “, disseminated to their 1.7 million followers on Instagram.
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Copy to review on cryptos for the two British reality TV stars
Eve and Jessica Gale are therefore warned. In the event of a repeat offence, the ASA could take the matter to the Trading Standards. This British government service has the power to take legal penaltieslike fines, when the situation requires it.
The UK Ads Regulator has asked the twin sisters to avoid “trivialize investment in cryptocurrencies”. Future announcements should explicitly and clearly warn their followers of their volatility, and that these investments were unregulated.
Marketing of cryptocurrencies: soon new stricter measures
The ASA is issuing this warning to the two reality TV stars, just over a month after theFinancial Conduct Authority (FCA) of the United Kingdom has introduced new stricter provisions for advertising high-risk financial products.
However, these measures do not concern cryptocurrencies. FCA plans to develop separate guidelines for the sector. It is waiting for the government and Parliament to give their opinion on the integration of cryptocurrency marketing into its remit.
However, these upcoming rules could “ follow the same approach » than those of « other high risk investments “.
The cryptocurrency advertising is and will likely remain a sensitive practice. The regulators from different countries will continue to monitor them closely. The two reality TV stars are not the only ones to have made a misstep in this area. Even crypto giants can also be clumsy in their communications.
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