UK advertising authority warns two former 'Love Island' contestants for crypto ads on Instagram stories
The Gale twins are barred from posting crypto ads in the complained form. Elizabeth O'Donell accused of hiding potential crypto trading risks
By Shashank Bhardwaj
Twins Eve and Jessica Gale on Love Island 2020. Image: ITV/Love Island
Eve and Jessica Gale, former Love Island twin contestants, have been warned to stop misleading their Instagram followers with pro-crypto posts. The UK Advertising Standards Authority (ASA) stated in a Wednesday notice that the twins had trivialised investment in cryptocurrency. It all began in June when the two reality stars promoted crypto on Instagram at the request of an influencer named Elizabeth O'Donell. The authorities upheld claims that the advertisement was 'misleading' and 'irresponsible.'
In an official statement, ASA said, "We therefore considered the ads were addressed to a general audience who were unlikely to have any specialist knowledge of investing in crypto assets…In the absence of any other information to the contrary, we considered that consumers would interpret the overall impression from the ads to mean that investment in crypto assets was simple and risk-free, even to those consumers who had only limited knowledge of crypto assets."
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Meta tests sale of virtual goods in metaverseRead More..
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EU limits Russians' crypto investments to 10k EurosRead More..
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South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
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Germany closes Russian darknet marketplace HydraRead More..
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Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..