UK Regulator Bans Coinbase Ad Campaign for Trivializing Crypto Risks
The UK Advertising Standards Authority (ASA) has banned a Coinbase advertising campaign launched in August 2025, deeming it irresponsible for downplaying the inherent risks of cryptocurrencies and inappropriately linking them to prevalent economic anxieties. The decision underscores growing scrutiny of crypto marketing tactics, particularly as they target populations facing financial hardship.
The ASA’s ruling, issued following 35 complaints, affects a video on demand (VOD) advertisement and three posters displayed in high-traffic areas across London, including digital platforms, the subway, and train stations. The regulator has ordered that the advertisements “should not be broadcast again in their current form,” citing a breach of advertising rules related to social responsibility.
The controversial campaign employed a satirical approach, depicting individuals cheerfully singing and dancing despite facing significant economic challenges – such as home blackouts, business closures, rising supermarket prices, and job insecurity – to the refrain of “everything is fine.” This message was immediately followed by the Coinbase logo and the slogan, “if everything is fine, don’t change anything.” Posters further reinforced this message with typographic elements subtly revealing economic realities, including phrases like “home ownership out of reach,” “eggs out of budget,” and “real wages stagnant in 2008.”
According to the ASA, the ads were problematic because they positioned Coinbase and cryptocurrencies as a potential alternative to the traditional financial system, particularly for those experiencing economic vulnerability. “Combining serious financial concerns with an implicit call for change…had the effect of positioning the platform and cryptocurrencies as an alternative to the traditional financial system,” a senior official stated.
Coinbase defended the campaign, arguing it was clearly satirical and did not offer explicit financial solutions. The company also highlighted its registration with the Financial Conduct Authority (FCA) and cited an FCA study indicating a relatively high level of awareness of crypto assets among UK adults. However, the ASA countered that while 93% of British adults have heard of crypto assets, only 12% actually own them.
The regulator emphasized that cryptocurrencies remain largely unregulated and represent a high-risk investment, warning consumers they should be prepared to lose their entire investment. “The majority of the population still does not fully understand how they work, which makes it especially problematic to link them to messages related to real economic difficulties,” the ASA concluded.
The ruling sends a clear message to the cryptocurrency industry: marketing materials must not minimize the risks associated with these assets or present them as a panacea for broader economic problems. Coinbase has been directed to ensure future campaigns adhere to these guidelines, avoiding any implication that cryptocurrencies offer a simple solution to complex financial challenges.
