The Growing Concern for Crypto Advertising
Sian Berry, who previously co-led the Green Party of England and Wales and is now a member of the London Assembly, has got her sights set on cleaning up the city’s advertisements. Berry is calling for a complete ban on crypto advertisements on public transport, citing ethical concerns over how such promotions are introduced to unsuspecting Londoners.
Taking a Stand Against Risky Registrations
Her recommendations follow a bold statement made by the token project Floki Inu, which announced its intentions to “fully assault” London’s public transportation with an advertising blitz. Berry made her intentions known in a Twitter post and has pledged to bring this issue to the attention of the Mayor of London, Sadiq Khan. She argued that, much like gambling advertisements which were recently weeded out, crypto promotions are too risky and should not occupy public spaces.
The Ethics of Cryptocurrency Advertising
In an interview with the Guardian, Berry expressed her discontent regarding the advertising methods used in the crypto space. With phrases like “this is completely unregulated, you may lose all your money” plastered on advertisements for digital currencies, she believes these should not be part of the transport advertising strategy.
Examples of Prior Crypto Campaigns
London is no stranger to cryptocurrency promotion. Various projects have used the city’s walls, trains, and buses as platforms for their marketing strategies. From Richard Heart’s HEX to Binance’s major ad campaigns, the streets have been filled with crypto pitches promising the moon but lacking proper regulation.
Possible Consequences of Crypto Advertising
The immediate concern surrounding crypto advertisements revolves around potential “pump and dump” schemes that can mislead investors. Through somewhat dubious means, a large push for a particular token can lead to a spike in interest but may leave many investors at a loss when prices inevitably fall.
Regulatory Responses to Marketing Missteps
Berry’s push comes alongside actions taken by the UK’s Advertising Standards Authority. Previously, they blocked a campaign by crypto exchange Luno that suggested investing in Bitcoin was easy, highlighting the potential risks of misleading information disseminated through ads.
Future of Crypto Ads in London
While Berry is keen to rid the tube of certain advertisements—including those for cryptocurrencies, cars, and airlines—she is clear that she doesn’t support an outright ban on crypto. After all, the world of cryptocurrency is a contentious one, filled with passionate supporters (or as Berry puts it, “more like a cult than a scam”).
What’s Next for Berry’s Campaign?
As Berry continues her advocacy for ethical advertising, one has to wonder: could this become the beginning of a larger movement that prioritizes the protection of regular citizens against volatile investments? Only time will tell in this slippery space. Cointelegraph attempted to reach out to Berry for further comment but received no response.
