Cryptocurrency firms bombarded Londoners with a record number of adverts on public transport during 2021, fuelling calls for a ban to prevent people b

Cryptocurrency ads reach record levels on London transport

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2022-01-14 15:00:08

Cryptocurrency firms bombarded Londoners with a record number of adverts on public transport during 2021, fuelling calls for a ban to prevent people being lured into risky investments.

The surge in adverts for crypto assets, which are unregulated in the UK, has prompted concerns about the risk of addiction and financial harm, particularly given the wild volatility in the price of digital currencies such as bitcoin, which reached record highs last year before crashing again.

It also emerged that Transport for London (TfL) has not implemented a ban on gambling adverts promised by the mayor, Sadiq Khan, allowing the industry to step up its marketing activity in the meantime.

Records obtained by the Guardian under the Freedom of Information Act show that TfL services displayed 39,560 crypto adverts from 13 firms in the six months between April and September 2021.

Major advertisers include the trading platform eToro, floki – “a “meme coin” named after Elon Musk’s dog – Crypto.com and Luno Money, whose campaign telling people it was “time to buy” bitcoin was banned by the advertising regulator for being “irresponsible”.

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