The UK’s advertising auditor said that Crypto.com and a project called Turtle United can’t promote NFTs because they didn’t show the risks of investing in NFTs and didn’t say enough about transaction fees.
The Advertising Standards Authority made a decision about paid Facebook ads from July for both Crypto.com and Turtle United.
Opposing the decision about its NFT marketplace, Crypto.com verified that the advertisement is no longer live and maintained that the company did not feel NFTs, such as works of art and gaming collections, were available on its platform. Due to the omission of NFTs from previous Treasury consultation papers on crypto, it was expected that they would be exempt from the financial regulations of the ASA’s code and that they should not disclose how to earn from cryptocurrency. that they were subject to capital gains tax and unregulated.
ASA had the same worries about Turtle United, but the company did not answer its complaint. The regulator said that Turtle United didn’t make it clear that past performance or experience isn’t always a good indicator of what will happen in the future. ASA said that the project said it “offering enormous value to its holders,” which meant that the NFT was sure to have a high value.
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