scorecardresearchOver 400 crypto ads breached guidelines: Ad council

Over 400 crypto ads breached guidelines: Ad council

Updated: 28 Jun 2022, 12:10 PM IST
TL;DR.

Of the 453 complaints that ASCI took up, 419 required modifications, with most complaints against influencers.

Crypto companies flooded OTT and social media platforms with ads and branded promotions

Crypto companies flooded OTT and social media platforms with ads and branded promotions

More than 400 crypto-related advertisements violated advertising and promotion guidelines of virtual digital assets (VDAs), and guidelines for influencer advertising in the first five months of this year, the Advertising Standards Council of India (ASCI) has said, reported Economic Times.

Of the 453 complaints that ASCI took up between January and May 2022, 419 required modifications, with most complaints against influencers.

“Some influencers talk so confidently about crypto without fully understanding it. It does create an impression that it is safe, it’s fine and a cool thing,” said Manisha Kapoor, chief executive of ASCI.

Amid a bull market last year, crypto companies flooded Over The Top (OTT) and social media platforms with ads and branded promotions.

While the VDA guidelines came into effect in April this year, ASCI’s guidelines for influencer marketing took root in June last year. Earlier this month, Tesla CEO Elon Musk was sued for $258 billion over an alleged Dogecoin pyramid scheme.

 

First Published: 28 Jun 2022, 12:10 PM IST