Reality Stars Face Advertising Regulator After Misleading Cryptocurrency Promotion

Love Island Twins in Hot Water

The U.K.’s Advertising Standards Authority (ASA) is not a fan of reality TV stars upselling cryptocurrency like it’s the latest must-have handbag. After a rather questionable Instagram promotion by Love Island contestants Eve and Jessica Gale, the regulator has stepped in to remind them—and all influencers—that investment isn’t just about pretty filters and catchy captions.

What Went Down?

In June, the Gales promoted cryptocurrency through an Instagram story after being coaxed by influencer Elizabeth O’Donell. Spoiler alert: it didn’t end well. The ASA found the ads not only misleading but also irresponsible, with a capital “I.” Apparently, the twins—or rather, their marketing team—didn’t think it was necessary to mention that investing in crypto can be as volatile as a contestant’s emotions on Love Island.

What’s the Problem with Crypto Ads?

• Misleading Information: The ASA pointed out that O’Donell was subtly suggesting that crypto investments were a piece of cake, disregarding the risks.
• Lack of Warning: The ads failed to clarify that the value of cryptocurrencies could plummet faster than a reality show romance.
• Taking Advantage: The regulator accused the Gales and O’Donell of exploiting consumers’ inexperience with these digital currencies.

What Did the ASA Say?

The ASA’s ruling made it clear that the ads weren’t prepared “with a sense of responsibility.” They noted that a regular Joe or Jane, who may only have a passing knowledge of crypto, would assume investing is simple and devoid of risks. A timely reminder: if it sounds too good to be true, it probably is—especially in the wild world of crypto!

Consequences for the Gales

While the ASA didn’t say the Gales couldn’t promote cryptocurrencies in the future, they made it clear they’re not allowed to do so in the same misleading way. Any future ads must include necessary disclaimers so the audience doesn’t end up penniless and confused.

What’s Next in U.K. Cryptocurrency Advertising?

The ASA isn’t just keeping an eye on the Gales; they’ve been actively pulling the plug on various misleading crypto promotions since 2021. Major firms like Coinbase and Kraken have all felt the heat. As of August 1, new standards from the U.K. Financial Conduct Authority were introduced to tackle misleading ads encouraging investments in high-risk products. Because let’s face it, no one wants to watch their investment crash harder than a poorly timed reality show plot twist.