Reality TV and Crypto: a Dangerous Relationship

2 years ago
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The regulator reframes two stars of a British reality show, who had promoted crypto investments to their million followers on Instagram.

WHEN REALITY TV UK AND CRYPTOS DON'T MIX
It's not love at first sight between the British advertising regulator and the twins Eve and Jessica Gale, the stars of the reality show "Love Island". The Advertising Standards Authority (ASA) did not like some stories on Instagram that the two sisters have published. In them, the twins were promoting a cryptocurrency investment scheme, according to the regulator.

The story, which Jessica Gale shared to her followers last June, touted cryptocurrencies as "a super fast and easy way to make extra money from your phone."

This pitch has all the ingredients to warrant a red card from the UK agency. On September 7, the ASA warned the two reality TV stars, against these "irresponsible" ads, which were distributed to their 1.7 million followers on Instagram.

COPY TO REVIEW ON CRYPTOS FOR THE TWO BRITISH REALITY STARS
Eve and Jessica Gale are therefore warned. In case of recurrence, the ASA could bring the case to the Trading Standards. This British government department has the power to take legal sanctions, such as fines, when the situation requires it.

The UK's advertising regulator has asked the twin sisters to avoid "trivializing investment in cryptocurrencies." Future ads should explicitly and clearly warn their followers, of their volatility, and that these investments were not regulated.

CRYPTOCURRENCY MARKETING: NEW, STRICTER MEASURES COMING SOON
The ASA issues this warning against the two reality TV stars, a little over a month after the UK's Financial Conduct Authority (FCA) introduced new, stricter provisions for the advertising of high-risk financial products.

Nevertheless, these measures do not affect cryptocurrencies. The FCA plans to develop separate guidelines for the sector. It is waiting for the government and parliament to give their opinion on including cryptocurrency marketing in its remit.

However, these upcoming rules could "follow the same approach" as those for "other high risk investments."

Cryptocurrency advertising is and will likely remain a sensitive practice. Regulators in various countries will continue to keep a close eye on them. The two reality TV stars aren't the only ones who have made a misstep in this area. Even crypto giants can also be clumsy in their communications.

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