The U.K. Advertising Standards Authority (ASA) has warned stars of the popular Love Island reality TV show, Eve and Jessica Gale, about posting crypto ads in misleading ways. The Gale twins were earlier reported by complainants who thought they promoted digital assets in a questionable manner.
ASA upholds complaints levelled against the Gale twins
On Wednesday, the top advertising regulator upheld the complaints, claiming they were well in order. Although it didn’t ban the Gale twins from promoting digital assets in the future, it warned them never to take lightly, the idea of crypto investments.
ASA claims that the twins had taken to their Instagram stories to share a crypto ad, albeit misleadingly and irresponsibly. According to the regulator, an influencer named Elizabeth O’Donell had hired them to help publicize crypto to their massive followers. But that wasn’t exactly the problem. The issue arose, however, because in discharging their services, the Gale twins did not only fail to highlight the risks associated with crypto investments, but they also gave trading advice. ASA wrote in part:
“…The ads were addressed to a general audience who were unlikely to have any specialist knowledge of investing in crypto assets.”
ASA also claims that the ads did not mention the volatility and high fluctuation of crypto prices. Neither did it mention the capital gains taxes that will be paid from crypto profits.
Additionally, the regulator also says it appears that O’Donell and the Gales had set out to prey on the inexperience of their followers. For what it’s worth, they left out a wealth of details from the ads. So, the regulator gave its verdict that the ads violate the U.K. Code of Non-broadcast Advertising, Sales Promotion and Direct Marketing.
U.K.’s war on misleading crypto ads rages on
ASA has been on the case of crypto-based ads of late, banning removing so many since 2021. In addition, the U.K. Financial Conduct Authority FCA also announced new rules aimed at tackling the misleading adverts menace on August 1. However, the FCA did not mention crypto-related promotions.
Nonetheless, regulators are gradually shifting their focus on adverts as they hope to do more in line with customer protection. Even
As of press time, Jessica and Eve Gale have a combined following of over 1.7 million people on Instagram.