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UK regulator slams two former reality stars for promoting crypto on Instagram

On September 7, the UK’s independent advertising authority filed a complaint against former Love Island contestants Eve and Jessica Gale for “trivialising” cryptocurrency investing.

The reality stars advertised cryptocurrencies in an Instagram story in June at the request of an influencer named Elizabeth O’Donell. The authorities call the advertisement “misleading” and “irresponsible.”

UK’s Advertising Standards Authority further noted that consumers would understand the overall impression from the commercials to suggest investment in crypto assets.

The ad broke the UK Code of Non-broadcast Advertising, Sales Promotion, and Direct Marketing because it was not “planned with a sense of responsibility.” According to the regulator, the Gales’ Instagram tale did not highlight the risk that crypto prices “may go down as well as up,” as well as their completely unrelated position in the United Kingdom.

┬áThe ASA further stated that O’Donell and Gales “abused customers’ inexperience or credulity” by omitting to provide information on capital gains taxes that must be paid on cryptocurrency profits. The ASA decided that the Gales could not publish the crypto advertisements “in the form complained about” once more. However, this did not stop the twins from marketing digital assets in subsequent social media advertisements.

 Since 2021, the advertising authorities have looked into and banned numerous crypto-related advertisements in the UK. These include online campaigns from well-known companies like Coinbase, Kraken, and eToro.

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