UK advertising watchdog pulls Coinbase ads over concerns it was 'socially irresponsible'

The UK's advertising regulator says a string of advertisements from Coinbase have been banned over concerns that they were "socially irresponsible."

On Wednesday, the Advertising Standards Authority criticized a video ad and three posters that were displayed in August and were placed in the London Underground and rail stations, the regulator said. The ASA said 35 complainants said the ads were irresponsible because they downplayed the risks of crypto and suggested it could solve people's financial problems.

The video ad featured people singing a tune about how "everything is just fine" and highlighted difficulties in their lives, such as living costs and losing their jobs. The posters echoed that line "everything is just fine" with scenes of financial hardship and words like "home ownership of out reach," the ASA said.

"By presenting the country as failing in areas such as the cost of living and home ownership, the ads implied to consumers that they should make a financial change," the regulator said. "The ads immediately paired the phrase 'If everything’s fine, don’t change anything' with Coinbase’s logo."

"We considered this had the effect of positioning Coinbase as an alternative to traditional financial systems, and implying that Coinbase could be part of the solution to the financial problems stated in the ads," the regulator said.

Coinbase said it respected ASA's decision, but disagreed with its stance that it was not socially responsible.

"The advert was intended to provoke discussion about the state of the financial system and the need to consider better futures, not to offer simplistic solutions or minimise risk," Coinbase said in a statement. "While digital assets are not a panacea, we believe their responsible adoption can play a constructive role in a more efficient and freer financial system."

In August, Coinbase CEO Brian Armstrong criticized the ASA in a post on X regarding the video ad.

"Needing to update the system and improve society is not a political statement on either party in the UK (some have tried to turn it into this)," Armstrong said. "And it’s not specific to the UK (we ran ads with similar themes in the US). It’s a statement about how the traditional financial system is not working for many people and how crypto represents a way to improve that."