The UK Advertising Standards Authority (ASA) is studying the bitcoin-related advertising of the BitMEX cryptocurrency derivatives exchange.
to the ASA announcement, the regulator questioned the allegedly misleading nature of the chart showing the dynamics of BTC prices in an advertisement in January of this year. As the ASA notes, the announcement in question was a logarithmic graph showing the value of BTC against the US dollar over the past decade.
The ASA reports that it has received four complaints, each of which accused the company that its announcement was misleading, either because it exaggerated the profitability of investments in bitcoin, or because it did not indicate the risks associated with investing in the asset.
In its official response, the parent company of BitMEX HDR Global Trading noted that the announcement was part of a campaign dedicated to the 10th anniversary of Bitcoin, as well as the fact that the above-mentioned chart was published along with an accompanying text and a detailed article written by BitMEX CEO Arthur Hayes.
BitMEX also noted that it does not buy or sell bitcoins, but only provides access to the cryptocurrency derivatives markets, allowing P2P trading. The exchange, according to this argument, “has no direct financial interest in the value of the cryptocurrency itself,” and therefore its advertising was intended to inform, not to sell.
The ASA, however, concluded that the graph could be misinterpreted by a wide audience without special knowledge. It also found Hayes ‘ claims that BTC is “still at an experimental stage of development” and his other statements insufficient to illustrate investment risks.
In July, it was reported that the CFTC is investigating the
activities of the BitMEX exchange. In addition, the well-known cryptocurrency skeptic Nouriel Roubini said that cryptocurrency exchanges “are directly involved in criminal activities,” while he particularly highlighted the BitMEX platform