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<ul><li><keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> and <keyword id="169284" type="General" weightage="20" keywordseo="asci" source="Orion">ASCI</keyword> aim to enhance confidence and credibility of India’s rapidly growing cryptocurrency and digital asset industry.</li><li>The move comes after crypto exchanges in India — which includes WazirX, CoinSwitch Kuber and CoinDCX —<a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms" data-type="tilCustomLink"> have been putting the pedal to the metal</a> when it comes to advertising in the country.</li></ul>Earlier last month, a notice by the Delhi High Court had asked Indian exchanges to add ‘standardised’ disclaimers to their ads in response to a plea that complained that the currency disclaimers are too small to read. Now, <keyword id="120108" type="General" weightage="20" keywordseo="advertising-standards-council-of-india" source="Orion">Advertising Standards Council of India</keyword> (ASCI), a voluntary self-regulatory organisation of the advertising industry has partnered with CoinDCX to mull over regulations to build transparency in <keyword id="11943645" type="General" weightage="20" keywordseo="crypto-advertising" source="Orion">crypto advertising</keyword>. With this membership, CoinDCX will actively support the advancement of advertising standards within India’s cryptocurrency and digital asset industry — thereby promoting transparency in communications and building public confidence in the space. Sumit Gupta, Co-Founder and CEO of CoinDCX, said: “We are honoured to be a member of ASCI that safeguards consumers' interests. The involvement reaffirms our commitment towards ensuring safety and security for our users, and to raise the bar for advertising transparency in crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension. Being the safest crypto exchange, we have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products.” Commenting on CoinDCX’s membership, <keyword id="212022" type="General" weightage="20" keywordseo="subhash-kamath" source="Orion">Subhash Kamath</keyword>, Chairman of ASCI said: “As ASCI steps into a digital age the nature of advertisers and advertising is changing rapidly. We welcome members representing these new industries, who believe in self-regulation. Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age.” Founded in 2018, CoinDCX has already onboarded more than 3.5 million users. It will now carry forward the vision of making crypto accessible in India and accelerate its efforts towards bringing 50 million Indians into crypto. With the growing positive sentiments in the crypto space this year, CoinDCX will continue to scale its dedicated products on the investments and trading side.

ASCI joins hands with CoinDCX to build trust and credibility in crypto advertising

<ul><li>While no decision has been made yet by the Government to ban Cryptocurrency platforms and their ads yet, if banned in the ongoing winter session in the parliament, it is likely to have a larger impact on India’s advertising sector.</li><li>Here’s a look back at how much Cryptocurrency platforms contributed to ad revenue pie from January to November 2021, as per TAM AdEx.</li></ul>A <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">proposed </a>bill in India indicates that the government is mulling over introducing a facilitative framework for the creation of an official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. This uncertainty has already caused price declines on the local exchanges and crypto advertisers have decided to take it slow until the next hearing. While Union Finance Minister Nirmala Sitharaman had said that no decision has been taken on banning crypto advertisements, there is a new Bill in the making, which implies there will be stringent policies in place. FM Sitharaman further said that the new Bill will take into account the rapidly changing dimensions in the virtual currency space. She had also mentioned that it will be presented to the Cabinet and introduced in the Parliament during the ongoing winter session. Until the next hearing, crypto platforms have either halted or slowed their advertising activities, which is likely to impact advertising revenue collection. As per exclusive data shared by TAM AdEx with Advertising and Media Insider, there was a spike in cryptocurrency-related digital advertisements by 36 times between Jan to Nov 2021. Due to the festive season and IPL 2021, crypto platforms were at their peak during October. The month of Diwali, which was October this year, nearly had a 30% share of the category and it took a dip by 6% in November 2021, whereas on television, there wasn’t a single ad from Crypto platforms in 2020. In 2021, television has seen 33.4 hours of advertising from Crypto platforms. The festive season proved to be bountiful for television too as October had more than 75% share of Crypto platforms, up from 2% in June and 23% in September. More than 85% of cryptocurrency advertisements were on Sports channels, with the rest appearing on News channels, GEC stations, and Movies channels. Cricket was the most popular genre amongst all, with 84% of <keyword id="6376163" type="General" weightage="20" keywordseo="cryptocurrency-advertising" source="Orion">cryptocurrency advertising</keyword> airing in Y 2021. Ad insertions of cryptocurrency grew from 0.01% share in overall Digital advertising during Jan-Nov'20 to 0.27% in Jan-Nov'21, indicating that the competition is getting intense and there’s a wider consumer base for brands to woo now. Simultaneously, the count of advertisers grew fivefold from 15 in Jan-Nov'20 to 59 in Jan-Nov'21 on digital mediums, revealed TAM AdEx. <keyword id="10245463" type="General" weightage="20" keywordseo="CoinSwitch-Kuber" source="Orion">CoinSwitch Kuber</keyword> had the lion’s share of 44% in digital crypto advertising from Jan to Nov, followed by <keyword id="12656736" type="General" weightage="20" keywordseo="coinswitch-co" source="Orion">CoinSwitch.Co</keyword> at 18% and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> at 18%. <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">Wazirx</keyword> and Zebpay had 8% and 6% share respectively in digital advertising Between Jan to Oct, CoinSwitch Kuber had the biggest share of 58% on television too, followed by CoinDCX at 36%, Zebpay at 5% and WazirX at 1%. Prime Minister Narendra Modi in the meeting conducted on November 13 had reviewed key issues concerning cryptocurrency. He had discussed misleading, non-transparent advertising practices. It was also discussed that unregulated crypto markets should not become avenues for money laundering and terror financing. In the past few months, we have seen a lot of high decibel campaigns from a lot of crypto players including WazirX, CoinSwitch Kuber, CoinDCX, Zebpay to name a few. Many of the platforms have used prominent faces like Ranveer Singh, Kunaal Kapoor Roy, Vishnu Kaushal to woo young consumers. A lot of people have been speaking about the risks of investing in the currency without fully understanding how the crypto ecosystem works. The government’s move therefore could help bring about more transparency and accountability into the ecosystem.

CoinSwitch Kuber, CoinDCX and WazirX were the top crypto advertisers on digital mediums this year: Report

<ul class="summary-list"><li>The UK's advertising regulator has warned over 50 companies with <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ads not to mislead consumers.</li><li>Failure to comply with rules will lead to strong action, the ASA said Tuesday, continuing its clampdown.</li></ul>The UK advertising watchdog has sent out enforcement notices to over 50 companies with crypto ads, warning them to ensure they stick to its rules around not misleading the public.It's the latest move in the Advertising Standards Authority's clampdown on crypto-related promos to protect consumers, which it calls a "red alert" priority."We're concerned that people might be enticed by ads into investing money they can't afford to lose, without understanding the risks," Guy Parker, the ASA's chief executive, <a href="https://www.asa.org.uk/news/asa-enforcement-notice-continues-clampdown-on-misleading-and-irresponsible-crypto-ads.html">said in a statement</a> Tuesday. "Working alongside the FCA, we'll take strong action against any advertiser who fails to ensure that their ads are responsible," he said. While the ASA didn't identify the 50 companies involved in its statement, the list includes Coinbase, eToro, Luno and Crypto.com, according to a <a href="https://www.coindesk.com/policy/2022/03/22/uk-advertising-regulator-issues-red-alert-guidance-on-crypto-ads/">CoinDesk report</a>.It told the companies that their ads must clearly state that digital assets are not regulated in the UK, and that the value of investments can go up or down. They also must avoid creating a FOMO-like sense of urgency, say crypto investment decisions are trivial or low risk, or suitable for everyone.It will monitor for compliance with the rules, and any problem promos that are still around after May 2 will trigger enforcement action. This will include reporting non-compliant companies to the FCA, it said. The crypto advertisers can expect to face backlash if the latest enforcement notice from the ASA is ignored, as well as scrutiny from the Financial Conduct Authority. The UK's financial services authority is among the regulators keeping a watchful eye on the crypto industry, given the risks to inexperienced investors."This is a 'red alert' priority issue for us, and we've recently banned several crypto ads for misleading consumers and for being socially irresponsible," the ad watchdog said.In January, the ASA <a href="https://markets.businessinsider.com/news/currencies/crypto-com-uk-asa-bans-promos-misleading-irresponsible-cryptocurrency-2022-1">banned two Crypto.com ads</a> for taking advantage of consumers' credulity, and in May last year, it <a href="https://markets.businessinsider.com/currencies/news/bitcoin-advert-banned-btc-regulation-uk-cryptocurrencies-rules-2021-5-1030465989">took action against cryptocurrency company Luno</a> over its <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> ads. Outside industry players, it <a href="https://markets.businessinsider.com/news/stocks/arsenal-crypto-fan-tokens-uk-bans-afc-asa-football-2021-12">banned Arsenal soccer club's fan token</a> promos in December, branding them "irresponsible."

The UK watchdog has warned over 50 companies to make sure crypto ads stick to its rules, or risk strong punishment

<ul class="summary-list"><li>Transport for London said at the weekend it ensures <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ads comply with its policies.</li><li>"Missed Doge? Get Floki " posters appeared throughout the city's travel system, touting the unregulated meme crypto coin.</li><li>S​​iân Berry, Green party London Assembly member, told Britain's Guardian that crypto ads were unethical.</li></ul>London's transport authority is cracking down on ads for cryptocurrencies after the massive campaign to tout dogecoin spinoff floki inu around the city's travel system sparked concern about unregulated assets like this one."Missed Doge? Get Floki" was the slogan <a href="https://markets.businessinsider.com/news/currencies/floki-cryptocurrency-elon-musk-dog-meme-token-shiba-inu-doge-2021-10">splattered</a> across London's underground stations, trains and buses in October. The three-week campaign for meme token floki inu, inspired by Elon Musk's dog, was even funded by a 4% <a href="https://docs.theflokiinu.com/tokenomics/marketing-fee">marketing </a>fee levied on buyers. Some <a href="https://www.theguardian.com/technology/2021/nov/13/ban-ads-for-cryptocurrencies-at-stations-and-on-buses-tfl-urged">critics </a>were concerned about the fact the ads were promoting a little-known and unregulated financial asset that they said could be open to manipulation, such as pump-and-dump schemes, or fraud. There has been no evidence this far that would suggest floki inu has been subject to any such schemes. "Since 2018, we have asked our advertising partners to refer all <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> advertising to us for review prior to it running on our estate," Chris Reader, head of commercial media at Transport for London (TfL), told Insider Monday. "When reviewing copy now from cryptocurrency brands who wish to advertise on our estate, we ensure that campaigns contain sufficient information to comply with both our policy and the ASA [Advertising Standards Authority] ruling."A TfL spokesperson clarified that the authority had already toughened up its stance on crypto adverts and that this was not a development that had taken place over this past weekend.TfL's policy stated that nothing controversial or sensitive can be advertised on its platforms among other things. This isn't the first time that a crypto advertiser has stirred up controversy. Earlier this year, crypto exchange Luno ran an ad campaign on the underground and on London's famous double-decker buses with the slogan "if you're seeing bitcoin on the underground, it's time to buy." Britain's advertising watchdog <a href="https://markets.businessinsider.com/news/currencies/bitcoin-advert-banned-btc-regulation-uk-cryptocurrencies-rules-2021-5">banned</a> the posters, calling them "misleading and irresponsible." Speculative crypto tokens are unregulated in the UK and officials have regularly voiced their concerns about how risky they are. Charles Randell, the chair of the Financial Conduct Authority, a regulatory body, said in a <a href="https://www.fca.org.uk/news/speeches/risks-token-regulation">speech</a> in September: "if you buy (crypto), you should be prepared to lose all your money.""The FCA does not currently have the power to oversee how unregulated cryptoassets, like floki inu, are advertised to consumers," a spokesperson for the regulator said in an emailed response.A couple of weeks ago, fraudsters ran off with at least $2 million in a pump-and-dump <a href="https://markets.businessinsider.com/news/currencies/the-squid-game-token-scam-website-socials-offline-coingecko-crypto-2021-11">scam</a> involving the Squid Game token, which draws its name from the Netflix hit show, but is not affiliated with it. Floki inu is a legitimate cryptocurrency. But it carried warnings on its posters about the risks to potential buyers. "Where the advert says 'this is completely unregulated, you may lose all your money', they ought to have had second thoughts. I don't think cryptocurrency ads should be on the network. They're unethical," S​​iân Berry, the Green party London Assembly member told Britain's <a href="https://www.theguardian.com/technology/2021/nov/13/ban-ads-for-cryptocurrencies-at-stations-and-on-buses-tfl-urged">Guardian</a> newspaper. Experts have said that one way to check the legitimacy of a coin is to find out if it has different real-world use cases. According to the floki inu <a href="https://www.floki.com/">website,</a> the coin will be linked to a play-to-earn gaming metaverse called Valhalla that is under development, as well as a non-fungible token marketplace.This article has been updated to include comment from TfL that its review process had not changed over this past weekend and was already in place.

London's massive public transport body is cracking down on crypto ads after meme token floki inu's campaign flooded the city's travel system

<ul class="summary-list"><li>US Senator <keyword id="11994301" type="UNKNOWN" weightage="60" keywordseo="sherrod-brown" source="Orion">Sherrod Brown</keyword> blasted the deluge of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ads that aired during the <keyword id="12217426" type="UNKNOWN" weightage="60" keywordseo="super-bowl" source="Orion">Super Bowl</keyword>.</li><li>He said the ads did not address numerous risks to investors when trying to woo newcomers. </li></ul>US Senator Sherrod Brown blasted the flood of cryptocurrency ads that aired during Super Bowl LVI Sunday, saying they did not address numerous risks to investors in their attempt to woo newcomers to the sector. Among the companies that spent millions of dollars for airtime were <a href="https://twitter.com/coinbase/status/1493016797687156738?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1493016797687156738%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fsuper-bowl-2022-here-s-the-scoreboard-of-crypto-ads">Coinbase</a>, <a href="https://twitter.com/FTX_Official/status/1493028625825869828?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1493028625825869828%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fsuper-bowl-2022-here-s-the-scoreboard-of-crypto-ads">FTX</a>, <a href="https://twitter.com/eToroUS/status/1493043967188897792?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1493043967188897792%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fsuper-bowl-2022-here-s-the-scoreboard-of-crypto-ads">eToro</a>, and <a href="https://twitter.com/cryptocom/status/1493033811105378307?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1493033811105378307%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fsuper-bowl-2022-here-s-the-scoreboard-of-crypto-ads">Crypto.com</a> — earning this year's big game the nickname of "<keyword id="13189993" type="UNKNOWN" weightage="60" keywordseo="crypto-bowl" source="Orion">Crypto Bowl</keyword>" as more industry players tried to push digital assets further into the mainstream. "Big crypto companies are looking to make big profits, and are desperate to reach as many Americans as they can. They brought in celebrities and gimmicks to make crypto sound exciting and daring and profitable," <a href="https://www.banking.senate.gov/newsroom/majority/brown-stablecoins-endanger-americans-hard-earned-money-and-our-entire-economy">Brown said</a>. "But the ads left a few things out. They didn't mention the fraud, scams, and outright theft."Brown, a Democrat from Ohio and chair of the Banking Committee, made the comment during the Senate Banking, Housing, and Urban Affairs Hearing on Tuesday to examine the President's Working Group on Financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> report on Stablecoins."So if you saw a Super Bowl ad and figured you'd give this a try, and you change your mind and want to exchange your stablecoin for dollars, you might be out of luck," he said. "The website could be down. Your money could be trapped."Brown was likely referring to <keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword>'s website, which crashed after the crypto exchange <a href="https://www.businessinsider.com/coinbase-superbowl-ad-shows-bouncing-qr-code-blank-screen-2022-2?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets">released a 60-second commercial</a> during the Super Bowl, which featured a QR code bouncing around like a retro screensaver. The ad invited users to scan the code, which offered $15 in free <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">bitcoin</a> if they set up an account. Brown said the ads amounted to "vague allusions to innovation and the future." He urged Congress and regulators to tackle these risks "before it's too late."<div type="image" title="General view as Mickey Guyton sings the national anthem before the game between the Cincinnati Bengals and the Los Angeles Rams in Super Bowl LVI at SoFi Stadium." height="4183" width="8367" msid="89625935" hostid="261"></div>This year's Super Bowl drew <a href="https://nbcsportsgrouppressbox.com/2022/02/15/nbc-sports-coverage-of-super-bowl-lvi-averages-total-audience-delivery-of-112-3-million-viewers-reaches-167-million-viewers-on-unprecedented-day-in-sports-media-history/">112.3 million viewers</a> from television and streaming to rank as the most-watched show in five years, based on data from NBCUniversal, which aired the event.The annual championship game is a massive cultural event that companies pay huge sums to advertise during. Advertisers this year paid $7 million for 30 seconds of air time, according to <a href="https://www.nbclosangeles.com/news/sports/super-bowl-2022/watch-best-2022-super-bowl-commercials-released/2812358/">NBC Sports</a>.Data from <a href="https://www.theblockcrypto.com/linked/134101/crypto-apps-soar-in-popularity-after-super-bowl-splurge">The Block</a> show these commercials may have worked to lure new investors to crypto. Some crypto apps, according to its research, spiked in downloads in Apple's App Store the Monday after the game, including Coinbase and eToro."The Superbowl is the ideal place for cryptocurrency firms to advertise with an audience of 100 million+ sports-loving, captive viewers," Nicholas Cawley, strategist at DailyFX, said in a note. "The demographics are in line and with the crackdown on crypto advertising in other countries, this is a perfect audience reach for these cash-rich companies."Brown's skepticism, though, pointed to the uphill battle facing the crypto industry in convincing lawmakers that it is a force for good. "We need to look beyond the unproven promises, and protect Americans and our entire financial system," Brown said during the hearing.

US Sen. Sherrod Brown says crypto ads during Super Bowl did not address the 'fraud, scams, and outright theft' in the space

<ul class="summary-list"><li>The UK's advertising watchdog has banned two <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword>.com promos for misleading consumers.</li><li>The regulator said these were "irresponsible and took advantage of consumers' inexperience or credulity."</li><li><keyword id="12551782" type="UNKNOWN" weightage="60" keywordseo="crypto-com" source="Orion">Crypto.com</keyword> responded to each of the claims and noted that the ads had been "removed voluntarily" upon learning of the regulator's concerns. </li></ul>The UK's advertising watchdog has banned two Crypto.com promos <a href="https://www.asa.org.uk/rulings/forisgfs-uk-ltd-a21-1122926-forisgfs-uk-ltd.html">Wednesday</a> for misleading consumers.The first ad, published in September 2021 in the Daily Mail app, said: "Buy bitcoin with credit card instantly." The second ad, posted in July 2021 in the Love Balls app, stated: "Earn up to 3.5% p.a.," though the rate on the fine print increased to 8.5%.The Advertising Standards Authority determined both ads were "misleading because they failed to illustrate the risk of the investment" as well as "irresponsible and took advantage of consumers' inexperience or credulity."The regulator noted that the first ad did not make it clear to consumers that purchasing crypto using credit cards has some limitations. The second ad, meanwhile, did not elaborate on the basis for calculating the earnings forecast, the <keyword id="12889877" type="UNKNOWN" weightage="60" keywordseo="asa" source="Orion">ASA</keyword> said.Crypto.com responded to each of the claims presented by the ASA and noted that the ads had been "removed voluntarily" upon learning of the regulator's concerns. "We appreciate the collaborative dialogue and engagement from the ASA regarding advertising in the UK in this relatively new industry, and remain committed to working with them and regulators around the world to ensure all of our activities are compliant with the most recent regulatory guidelines," a <a href="http://crypto.com/" target="_blank" rel="noopener noreferrer">Crypto.com</a> spokesperson said in an email to Insider.The Singapore crypto platform defended its first ad, saying it was promoting the speed with which users could buy crypto on their platform.As for the second ad, Crypto.com said it was referring to the yield crypto holders can generate yield, not the crypto itself. The platform explained that existing customers would be aware of the risks that come with crypto investing.Government authorities worldwide stepped up their enforcement of the space in 2021 as crypto ballooned at one point in the year to a $3 trillion industry. In December, ASA had banned ads for soccer club <a href="https://markets.businessinsider.com/news/stocks/arsenal-crypto-fan-tokens-uk-bans-afc-asa-football-2021-12">Arsenal's fan token</a>, calling the ads "irresponsible" in failing to highlight risks associated with crypto. On December 15, the regulator also challenged six crypto-related firms for their alleged ad violations, including <a href="https://www.asa.org.uk/rulings/coinbase-europe-ltd-a21-1123058-coinbase-europe-ltd.html" target="_blank" rel="noopener noreferrer">Coinbase</a>, <a href="https://www.asa.org.uk/rulings/payward-ltd-a21-1121872-payward-ltd.html" target="_blank" rel="noopener noreferrer">Kraken</a>, and <a href="https://www.asa.org.uk/rulings/etoro--uk--ltd-a21-1123324-etoro--uk--ltd.html" target="_blank" rel="noopener noreferrer">eToro</a>.A campaign from Crypto.com last year included an ad blitz starring actor Matt Damon in <a href="https://markets.businessinsider.com/news/currencies/crypto-com-matt-damon-water-org-global-ad-digital-asset-2021-10">October.</a> Meanwhile in November, the company bought the naming rights to the iconic <keyword id="12551781" type="UNKNOWN" weightage="60" keywordseo="staples-center" source="Orion">Staples Center</keyword> in LA, which will be the <a href="https://www.businessinsider.com/staples-center-la-being-renamed-crypto-com-arena-2021-11">Crypto.com Arena</a> for the next two decades.

UK's ad regulator bans 2 Crypto.com promos for being 'misleading' and 'irresponsible'

<ul class="summary-list"><li>The <keyword id="11897975" type="UNKNOWN" weightage="60" keywordseo="uk" source="Orion">UK</keyword> government on Tuesday unveiled plans to strengthen rules on cryptocurrency ads.</li><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> ads will soon be subject to the same regulations as other financial products and promotions.</li></ul>The UK government said on Tuesday it plans to regulate cryptocurrency advertising more tightly and tackle what it called misleading promotions after <keyword id="11897569" type="UNKNOWN" weightage="60" keywordseo="london" source="Orion">London</keyword> saw a record number of crypto-related campaigns in recent months.Proposals <a href="https://www.gov.uk/government/news/government-to-strengthen-rules-on-misleading-cryptocurrency-adverts">published</a> on the government website on Tuesday involve plans to bring forward legislation to address misleading crypto promotion. The government has also proposed subjecting crypto ads to the same rules and regulations as other financial advertising, to ensure these ads are "fair and clear.""Cryptoassets can provide exciting new opportunities, offering people new ways to transact and invest – but it's important that consumers are not being sold products with misleading claims," British finance minister <keyword id="12981896" type="UNKNOWN" weightage="60" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> said in a statement."We are ensuring consumers are protected, while also supporting innovation of the cryptoasset market," he said.A record number of crypto-related adverts hit London in 2021, according to the <a href="https://www.theguardian.com/technology/2022/jan/14/cryptocurrency-ads-london-transport-tfl">Guardian</a>, which reported that the city's public transport system displayed almost 40,000 adverts from 13 different companies between April and September. About 2.3 million people in the UK have invested in crypto, "but research suggests that understanding of what crypto actually is is declining, suggesting that some users may not fully understand what they are buying," the government website said. Under the government's plan, crypto promotion to the rules of the <keyword id="11948907" type="UNKNOWN" weightage="60" keywordseo="financial-conduct-authority" source="Orion">Financial Conduct Authority</keyword> (<keyword id="11948908" type="UNKNOWN" weightage="60" keywordseo="fca" source="Orion">FCA</keyword>), meaning it would be held to the same standards expected of other financial assets, like stocks.The FCA is the UK's financial regulatory authority and oversees financial firms and products. Crypto is currently unregulated in the UK, with the FCA <a href="https://markets.businessinsider.com/news/currencies/crypto-ads-floki-inu-london-transport-system-crackdown-regulators-2021-11">warning</a> the public that investing in crypto means they "should be prepared to lose" all their money. Under the proposed rules, crypto would be brought under existing financial regulation laws. Firms wishing to promote crypto would need to be authorized by regulators like the FCA. Promotions "must be fair, clear, and not misleading," according to the government. The proposals are expected to be introduced over six months after being finalized, the government said.

UK government will toughen regulation on ‘misleading’ crypto ads after a record number of campaigns flood London

<ul class="summary-list"><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> brands need to establish consumer trust right now, even as many are paring down marketing.</li><li>A slump in the crypto <keyword id="11995361" type="UNKNOWN" weightage="60" keywordseo="market" source="Orion">market</keyword> has wiped away $2 trillion in value.</li></ul> Many crypto companies are cutting their marketing spending, even though they must win back consumer trust after sentiments for the asset class have plummeted in recent months.Marketing spending by crypto firms on sites like Facebook, YouTube, and Hulu is down by at least 90% from a high earlier this year, according to market-research firm Sensor Tower, the <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcrypto-companies-marketing-super-bowl-11655494525%3Fmod%3Dtech_lead_pos10">Wall Street Journal</a> reported. Television-ad spending has also decreased this year: Crypto.com's spending fell to $2.1 million in May from $15 million in November 2021, while Gemini's marketing decreased to $478,000 in May from $3.8 million in November.Crypto companies' current marketing budgets stand in stark contrast to earlier this year, when some shelled out millions in Super Bowl and Winter Olympics placements featuring celebrities like <a href="https://markets.businessinsider.com/news/currencies/lebron-james-crypto-web3-opportunities-partnership-foundation-nba-2022-1">LeBron James</a> and <a href="https://www.businessinsider.com/crypto-crash-losses-celeb-ads-matt-damon-tom-brady-2022-5">Matt Damon</a>.The slowdown comes as the crypto market has suffered in recent months, thanks in part to waning consumer support amid volatility. The slump has wiped away about $2 trillion in value and the collapse of "stablecoins" like Luna and TerraUSD — which are considered less volatile than other cryptocurrencies because their value is pegged to a government-backed currency like the dollar — are also to blame, the Journal reported.The most important thing for the crypto industry's survival right now is to earn back consumer trust."It's going to take a mix of advertising and other forms of communications to rehabilitate what one would say is a shaken image of the stability of investing in crypto," Andrew Frank, vice president and distinguished analyst at research firm Gartner, told the Journal.Other experts said that crypto firms will have to continue marketing, even as federal agencies have recently announced they will crack down on false advertising materials and warn the public about companies that use celebrity endorsements.One crypto company is trying to earn back trust by focusing on small advertisements that are educational, rather than large national campaigns. "There's still a lot of information sharing that needs to be done," Pam Kramer, chief marketing officer of crypto trading platform <a href="https://www.wsj.com/market-data/quotes/CA/XTSE/VOYG" data-type="phrase">Voyager Digital</a>, told the Journal. That may be a tall order given crypto's current market slump, which is affecting even the biggest players in the space. <keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword>, the largest <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange in the U.S., paused most of its advertising after spending 31 million on a Super Bowl ad earlier this year. The company last week <a href="https://www.businessinsider.com/inside-coinbase-layoffs-crypto-employees-spend-salaries-overhire-bitcoin-2022-6">laid off 18% of its staff</a>, or about 1,100 workers, to stay afloat amid the economic <keyword id="13874808" type="UNKNOWN" weightage="60" keywordseo="downturn" source="Orion">downturn</keyword>.

Crypto has a trust problem. Here's why brands need to win over consumers even as many slash their marketing budgets

<ul class="summary-list"><li><keyword id="11892960" type="UNKNOWN" weightage="60" keywordseo="facebook" source="Orion">Facebook</keyword> is making it easier for <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> firms to run advertisements on its platform in a reversal of previous policies.</li><li>The social media giant is expanding the number of regulatory licenses it accepts from 3 to 27.</li></ul><a href="https://markets.businessinsider.com/stocks/fb-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Facebook</a> is making it easier for cryptocurrency companies to run advertisements on its platform, reversing its previous policies as the digital asset space expands and regulatory clarity slowly crystallizes.The social media giant, whose parent firm is <keyword id="12657547" type="UNKNOWN" weightage="60" keywordseo="meta-platforms" source="Orion">Meta Platforms</keyword>, is expanding the number of <a href="https://www.facebook.com/business/news/expanding-eligibility-to-run-ads-about-cryptocurrency">regulatory licenses</a> it accepts from 3 to 27 after <a href="https://www.facebook.com/policies/ads/restricted_content/cryptocurrency_products_and_services" target="_self">updating its criteria</a>. Facebook has made the list of eligibility publicly available on its <a href="https://www.facebook.com/policies/ads/restricted_content/cryptocurrency_products_and_services" target="_self">policy page</a>.Previously, Facebook required companies that wanted to promote crypto ads to submit an application and include other information such as whether they had any licenses they obtained or whether they were publicly listed stock. At present, Facebook said if the advertiser has one of the eligible regulatory licenses, its ad will be approved."This change will help make our policy more equitable and transparent and allow for a greater number of advertisers, including small businesses, to use our tools and grow their business," Facebook said in a <a href="https://www.facebook.com/business/news/expanding-eligibility-to-run-ads-about-cryptocurrency">statement</a>. Facebook noted that advertisers who were previously approved would not be impacted by the change.In <a href="https://www.businessinsider.com/facebook-bans-bitcoin-cryptocurrency-ico-ads-2018-1">January 2018</a>, the company banned all ads related to crypto in a bid to crack down on scams and fraud following the boom in initial coin offerings. Six months later in <a href="https://www.businessinsider.com/facebook-scraps-ban-on-cryptocurrency-ads-2018-6">June 2018</a>, Facebook reversed its ban by allowing pre-approved businesses to promote certain services. Then in <a href="https://www.businessinsider.com/facebook-relaxes-ban-on-crypto-ads-blockchain-rumors-2019-5">May 2019</a>, Facebook relaxed its ban on crypto-related ads as rumors swirled about its own ambitions in the crypto space, and news leaked out about the efforts of its secretive blockchain team. Around the same time, Facebook introduced its Libra cryptocurrency project."Cryptocurrency continues to be an evolving space and we may refine these rules over time as the industry changes," Facebook added.The policy update comes after David Marcus, the executive who helmed Facebook's crypto projects, announced his <a href="https://markets.businessinsider.com/news/currencies/facebook-executive-david-marcus-diem-libra-meta-cryptocurrency-zuckerburg-digital-2021-11">departure</a> Tuesday. Marcus led the creation of Novi, the company's digital wallet, and co-created Diem, the company's stalled digital currency.

Facebook is making it easier for crypto firms to run ads on its platform in a reversal of previous policies

<ul class="summary-list"><li>Celebrities such as <keyword id="6357837" type="UNKNOWN" weightage="60" keywordseo="kim-kardashian" source="Orion">Kim Kardashian</keyword> are putting investors at risk by advertising <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> tokens, a UK regulator said.</li><li>The chair of the <keyword id="11948907" type="UNKNOWN" weightage="60" keywordseo="financial-conduct-authority" source="Orion">Financial Conduct Authority</keyword> said online influencers regularly promote <keyword id="11955828" type="UNKNOWN" weightage="60" keywordseo="crypto-scams" source="Orion">crypto scams</keyword>.</li><li>Kardashian advertised a crypto token called ethereum max on her Instagram account in June.</li></ul>The UK's financial watchdog has said celebrities such as Kim Kardashian are putting retail investors at risk by pushing obscure crypto tokens.Kardashian advertised the little-known cryptocurrency ethereum max to her more than 200 million Instagram followers <a href="https://www.businessinsider.com/ethereum-max-kim-kardashian-token-safemoon-crypto-coin-price-cryptocurrency-2021-6">in June</a>.In a speech on the difficulties of regulating crypto, the chair of the UK's Financial Conduct Authority <a href="https://www.fca.org.uk/news/speeches/risks-token-regulation">said</a> Kardashian's post was probably the financial promotion with the single biggest audience reach in history.Yet he said it was a prime example of how celebrity influencers can lure investors toward coins that could turn out to be scams. <a href="https://www.coindesk.com/markets/2021/04/16/im-obsessed-paris-hilton-on-nfts-empowering-female-creators-and-the-future-of-art/">Paris Hilton</a> and <a href="https://www.theguardian.com/sport/2018/nov/29/floyd-mayweather-dj-khaled-cryptocurrency-sec-fines">DJ Khaled</a> are among the numerous other celebrities to have promoted crypto projects.Read more: <a href="https://www.businessinsider.com/jay-clayton-sec-chairman-fireblocks-advisory-board-crypto-regulation-outlook-2021-8">Former SEC chairman Jay Clayton told us why he is joining the advisory board of crypto infrastructure unicorn Fireblocks - and shares his outlook on the regulation of digital assets</a>"In line with Instagram's rules, [Kardashian] disclosed that this was an ad," Charles Randall told the Cambridge International Symposium on Economic Crime on Monday."But she didn't have to disclose that ethereum max - not to be confused with ethereum - was a speculative digital token created a month before by unknown developers - one of hundreds of such tokens that fill the crypto-exchanges."Randall added: "Of course, I can't say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all."The <keyword id="11948908" type="UNKNOWN" weightage="60" keywordseo="fca" source="Orion">FCA</keyword> chair said regulators should have more powers over the crypto world, with a focus on disreputable cryptocurrency promotions and the risks arising from regulated financial businesses trading in unregulated digital tokens.Randall also raised the concern that regulating <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> could give them too much legitimacy in the eyes of consumers. Yet he concluded that more rules are needed, although he said it will take "a great deal of careful thought to craft a regulatory regime" for crypto.

UK regulator says celebrities such as Kim Kardashian are putting investors at risk by pushing unknown crypto tokens

<ul class="summary-list"><li>The <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> is getting a big boost from Facebook, Microsoft, and other tech giants.</li><li>Marketers are scrambling to play in these virtual spaces, with NFTs, <keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="gaming" source="Orion">gaming</keyword> integrations, and more.</li></ul>The "<keyword id="12416504" type="UNKNOWN" weightage="60" keywordseo="meta" source="Orion">meta</keyword>verse" recently got a big boost from Facebook parent Meta, which is <a href="https://www.businessinsider.com/details-of-facebooks-big-metaverse-pitch-event-for-advertisers-2022-2?r=metaverse-marketing-lp">pouring $10 billion into its ambitions there</a>. Other big tech companies including Apple, Google, and Microsoft are working on their versions of the concept.The vague term refers to a variety of shared spaces and assets that people can access via the internet, sometimes using virtual reality and augmented reality devices, and interact with each other and buy virtual goods.But Facebook itself says the payoff won't be immediate, and top executives have widely differing expectations of what the metaverse means to them.Here's a breakdown of Insider's coverage of how <keyword id="6354839" type="UNKNOWN" weightage="60" keywordseo="marketing" source="Orion">marketing</keyword> is shaping the metaverse and the key people to know.Read more: <a href="https://www.businessinsider.com/facebook-metaverse-nft-advertising-opportunity-2021-10?r=metaverse-marketing-lp">Advertisers look to capitalize on the metaverse hype</a><a href="https://www.businessinsider.com/tech-execs-said-about-the-metaverse-earnings-calls-2021-11?r=metaverse-marketing-lp">Here's what 14 top executives are saying about the 'metaverse'</a><a href="https://www.businessinsider.com/5-metaverse-web3-online-communities-marketers-advertisers-discord-telegram-linkedin-2022-2?r=metaverse-marketing-lp">Advertising execs say they're joining these 5 online communities to get up to speed on the metaverse. Some groups are free, while one Telegram channel effectively costs more than $60,000 to join.</a><a href="https://www.businessinsider.com/details-of-facebooks-big-metaverse-pitch-event-for-advertisers-2022-2?r=metaverse-marketing-lp">Meta just made its first big metaverse pitch to advertisers. Here's what people in attendance said about it.</a><h2>Metaverse gaming, VR, crypto, NFTs</h2>Companies of all stripes are racing to enter the metaverse, whether that means building experiences there, engaging in gaming, or buying NFTs using crypto.Here's a rundown of the ways they're dabbling in the metaverse and Web3; the opportunities for creators, Hollywood, and more; and risks.Read more: <a href="https://www.businessinsider.com/crypto-marketers-try-new-advertising-approaches-amid-downturn-2022-6?r=metaverse-marketing-lp">As some crypto companies cut ad spend by up to 70% amid the 'crypto winter,' brands like Binance and OKX are focusing their marketing on education and responsible investing</a><a href="https://www.businessinsider.com/inside-wendys-metaverse-strategy-2022-6?r=metaverse-marketing-lp">Wendy's top marketer breaks down how it's using the metaverse to win the burger wars</a><a href="https://www.businessinsider.com/microsoft-is-building-an-advertising-program-for-xbox-2022-4?r=metaverse-marketing-lp">Microsoft is building an ad program that will let brands advertise in Xbox games</a><a href="https://www.businessinsider.com/media-companies-publishers-using-nfts-new-revenue-stream-2022-4?r=metaverse-marketing-lp">From The New York Times to CNN, how 9 media companies are using NFTs to open up lucrative new revenue streams</a><a href="https://www.businessinsider.com/how-brands-can-protect-intellectual-property-in-the-metaverse-2022-2?r=metaverse-marketing-lp">Intellectual property could 'effectively disappear' in the metaverse, according to a top trademark lawyer. Experts detail what brands can do to protect their IP in Web3 environments.</a><a href="https://www.businessinsider.com/how-the-metaverse-will-change-creator-economy-survey-key-takeaways-2022-2?r=metaverse-marketing-lp">An influencer-marketing firm wrote a report about how the metaverse will affect the creator economy. Here are 5 key takeaways.</a><a href="https://www.businessinsider.com/hollywood-nft-masked-singer-dick-wolf-reese-witherspoon-crypto-2021-12?r=metaverse-marketing-lp">3 NFT insiders predict how Hollywood can maximize the tech in 2022 — from character and IP development to subscription marketing</a><h2>Experts, jobs in the metaverse</h2>Interest in the metaverse is driving hiring at companies and the creation of new industries. Agencies like Vayner <keyword id="11894119" type="UNKNOWN" weightage="60" keywordseo="media" source="Orion">Media</keyword> and Roblox leaning heavily into the metaverse, while startups like Curio are raising money on the promise of NFT platforms.Here's a rundown of the people and companies to know and tips for getting hired.Read more: <a href="https://www.businessinsider.com/how-to-get-a-marketing-job-in-crypto-according-to-web3-cmo-2022-4?r=metaverse-marketing-lp"></a><a href="https://www.businessinsider.com/crypto-ceo-8-web3-marketing-jobs-nft-curators-2022-5?r=metaverse-marketing-lp"></a><a href="https://www.businessinsider.com/top-crypto-industry-marketers-sports-sponsorship-marketing-billion-dollar-deals-2022-4?r=metaverse-marketing-lp">12 marketers and dealmakers leading the crypto industry's multibillion-dollar spending spree on sports</a><a href="https://www.businessinsider.com/24-top-metaverse-advertising-marketing-brand-agency-leaders-experts-2022-1?r=metaverse-marketing-lp">24 agency executives leading advertisers' charge into the metaverse and Web3</a><a href="https://www.businessinsider.com/top-advertising-executives-in-gaming-and-esports-2021-12?r=metaverse-marketing-lp">Top advertising executives in gaming and esports</a><a href="https://www.businessinsider.com/nft-hollywood-blockchain-studios-producers-creatives-audiences-entertainment-2022-2?r=metaverse-marketing-lp">9 NFT companies working with Hollywood studios and creators to drive the future of the blockchain-based tech in entertainment</a><a href="https://www.businessinsider.com/7-web3-music-startups-nft-blockchain-tokens-2022-4?r=metaverse-marketing-lp">How these 7 Web3 music startups are taking on the $25 billion music industry, with the backing of artists like Nas, Katy Perry, and The Chainsmokers</a><a href="https://www.businessinsider.com/building-metaverse-apple-facebook-google-roblox-snap-niantic-microsoft-unity-2022-2?r=metaverse-marketing-lp">Meet the 21 under-the-radar leaders building the metaverse at Apple, Facebook, Google, Niantic, Roblox, Snap, Unity, and more</a><a href="https://www.businessinsider.com/how-to-get-a-marketing-job-in-crypto-according-to-web3-cmo-2022-4?r=metaverse-marketing-lp">Marketers from Crypto.com, FTX, ByBit, and Alchemy share 3 top tips for landing a marketing job in Web3 and crypto</a><a href="https://www.businessinsider.com/crypto-ceo-8-web3-marketing-jobs-nft-curators-2022-5?r=metaverse-marketing-lp">From '3D advertising managers' to 'NFT curators,' get ready for these 8 Web3 marketing jobs of the future, according to the CEO of $10 billion crypto exchange KuCoin</a><h2>The metaverse is driving investment</h2>Companies are raising millions on the promise of helping build the metaverse. Here's a sampling of all the ways investors are driving growth in the space.Read more: <a href="https://www.businessinsider.com/pitch-deck-web3-gaming-studio-red-door-digital-5-million-seed-2022-4?r=metaverse-marketing-lp">See the pitch deck Web3 gaming studio Red Door Digital used to raise $5 million in seed funding</a> <a href="https://www.businessinsider.com/pitch-deck-ar-startup-auki-labs-raises-13-million-2022-3?r=metaverse-marketing-lp"></a><a href="https://www.businessinsider.com/the-top-ma-predictions-for-the-advertising-industry-in-2022-2021-12?r=metaverse-marketing-lp">2022 is shaping up to be a big year for advertising M&amp;A. Here are 10 trends to expect, from a jump in e-commerce ad deals to a surge in event marketing interest.</a><a href="https://www.businessinsider.com/pitch-deck-ar-startup-auki-labs-raises-13-million-2022-3?r=metaverse-marketing-lp">See the pitch deck an AR startup used to raise $13 million in seed funding to bring the metaverse to life</a><a href="https://www.businessinsider.com/top-ad-industry-acquisition-targets-2022-2022-1?r=metaverse-marketing-lp">11 advertising companies that are top M&amp;A targets in 2022 as marketers pour money into TikTok and the metaverse</a><a href="https://www.businessinsider.com/potential-accenture-acquisition-targets-under-new-ceo-david-droga-2021-8?r=metaverse-marketing-lp"></a><a href="https://www.businessinsider.com/pitch-deck-chillchat-raises-a-19m-seed-round-metaverse-startup-2022-3?r=metaverse-marketing-lp">See the pitch deck create-to-earn metaverse startup Chillchat used to raise $1.9 million in seed funding</a>

All the ways marketing and advertising are shaping the metaverse

Crypto.com is everywhere. Its <a target="_blank" href="https://www.businessinsider.com/cryptocom-how-startup-bought-staples-center-rights-700-million-2021-12">name is plastered on the home</a> of arguably the most famous NBA franchise, the Los Angeles Lakers. It's sponsoring Formula 1 races and UFC matches. Its ads are <a target="_blank" href="https://www.businessinsider.com/crypto-ads-return-tv-prices-rise-meme-stock-bitcoin-2024-5">back on the airwaves</a>, with Eminem declaring during the NBA playoffs that "fortune favors the brave."Crypto.com is also nowhere. It doesn't have a flashy CEO like FTX's Sam Bankman-Fried (<a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-sentenced-prison-ftx-alameda-research-2024-3">who is currently in prison</a>) or Binance's CZ (<a target="_blank" href="https://www.businessinsider.com/former-binance-ceo-sentenced-to-four-months-in-prison-2024-4">who is headed to prison</a>). Unlike with <a target="_blank" href="https://markets.businessinsider.com/news/currencies/sec-sues-coinbase-violating-securities-regulation-binance-crypto-regulation-gensler-2023-6">Coinbase</a>, regulators don't seem to be sniffing around. Sure, the company has high-profile marketing efforts, but day to day, Crypto.com doesn't really come up much at all.Crypto.com is one of those things I've long placed in my "I wonder what the deal is" column, along with <a target="_blank" href="https://www.businessinsider.com/jojo-siwa-rebrand-shows-difficulty-child-stars-grow-up-2024-4">Jojo Siwa</a>, <a target="_blank" href="https://www.businessinsider.com/bird-flu-virus-chickens-cows-human-food-outbreaks-pandemic-2024-5">bird flu</a>, and <a target="_blank" href="https://www.businessinsider.com/f1-nascar-races-motorsports-2022-6">the difference between F1 and NASCAR</a>. It seems impossible to watch a sporting event without seeing its name somewhere, and yet I rarely chat with someone who uses it or come across its name in headlines. Part of the issue is that I live in New York, where its services aren't allowed. (That's not a knock on the company — for a lot of crypto exchanges, the Empire State is a tough nut to crack.) But it's also a rather nebulous entity in the American market. It says it's got 100 million users globally, but it still seems to fly a little under the radar.Often, when I mention Crypto.com to someone who works in the crypto industry, they tell me they know about it, of course. When I ask exactly what they know about it, they come up pretty empty. Maybe it's mainly popular abroad, they speculate, or only for novices. Google data indicates that while a good chunk of the search interest does come from America, more comes from outside the US, notably from Singapore, Nigeria, and Bulgaria."Huh, I guess bigger than I thought," one crypto evangelist remarked after looking up its trading volume."They own the Lakers' arena? I've always been so confused on how they did that," another crypto entrepreneur said. (To be fair, the company doesn't own the arena; it just bought the naming rights.) He'd set up a Crypto.com account during the 2021-2022 market cycle to do a specific maneuver not allowed on Coinbase at the time, but he hasn't really used it since then.When I asked Nic Carter, a general partner at Castle Island Ventures, about the company, he replied in an email, "It's kind of a mystery, yes."He added that, like me, he doesn't know anyone who uses it. "But I think that reflects the user base — it's not necessarily crypto-natives but rather retail that wants a casual and accessible experience (is my understanding)," he said.Crypto.com is positioning itself as the new face of crypto, even as it remains rather faceless itself. It might prove to be a smart move — it's boosting its brand and, in turn, its consumer base while avoiding much of the scrutiny other exchanges have faced. For the time being, Crypto.com is balancing between notability and infamy. It's walking softly but carrying a big ad budget.While Crypto.com only really burst onto the American scene over the past four years or so, it's been around for a while. Originally named Monaco, the exchange was founded in 2016 in Hong Kong by Kris Marszalek, a Polish-born entrepreneur with a colorful past, and a handful of others. Amid the 2017 crypto run, it raised money from the public via an initial coin offering — creating and selling a digital token of its own, similar to a stock-market IPO. In 2018, the company landed the coveted Crypto.com domain name, purchasing it for an undisclosed amount from an academic who had long refused to sell it. (Even more confusingly, Crypto.com is technically operated by Foris DAX Asia, which, according to a scan of Reddit, can befuddle many users when their tax paperwork comes in. It's also the name Crypto.com lobbies under.) Crypto.com's primary business is its cryptocurrency exchange, which works as a middleman for people buying and selling crypto, but it also offers other products, including crypto Visa cards.The 2021-22 market cycle is when Crypto.com, now headquartered in Singapore, made its big splash. In late 2021, it <a target="_blank" href="https://www.businessinsider.com/staples-center-la-being-renamed-crypto-com-arena-2021-11">bought the naming rights</a> to what was then the Staples Center in Los Angeles as part of a 20-year, $700 million deal. It signed sponsorship deals with UFC and F1 while also rolling its "fortune favors the brave" ad campaign, which originally featured Matt Damon. Crypto.com was seeking brand awareness, and it was willing to spend millions upon millions for it."This is one brick in a bigger wall of introducing Crypto.com as a brand to the world and communicating what our core values are," Steven Kalifowitz, Crypto.com's chief marketing officer, <a target="_blank" href="https://www.businessinsider.com/cryptocom-how-startup-bought-staples-center-rights-700-million-2021-12">told Business Insider</a> at the time. In the moment, it all sort of made sense. FTX was flying high and had paid $135 million to slap its name on the Miami Heat's stadium. Its founder, SBF, was running around with Bill Clinton and Tony Blair in the Bahamas and suggesting he'd spend $1 billion on the 2024 election. Binance's CZ was <a target="_blank" href="https://markets.businessinsider.com/news/currencies/binance-ceo-chaopeng-zhang-cz-forbes-investment-crypto-adoption-media-2022-2">talking about investing $200 million in Forbes</a>, saying it would push media companies toward adopting crypto and lead to the decentralization of the industry. But we know how the story ends: <a target="_blank" href="https://www.businessinsider.com/ftx-crypto-exchange-implosion-sam-bankman-fried-what-it-means-2022-11">FTX imploded</a>, along with some <a target="_blank" href="https://markets.businessinsider.com/news/currencies/ftx-crypto-implosion-vaporized-billions-dollars-sam-bankman-fried-explained-2022-11">other high-profile crypto projects</a>, and <a target="_blank" href="https://www.businessinsider.com/crypto-winter-web3-startup-valuations-forge-global-secondary-markets-2023-5">crypto winter set in</a>. A lot of <a target="_blank" href="https://www.businessinsider.com/ftx-crypto-king-sam-bankman-fried-rise-and-fall-2022-11">crypto's mini-emperors</a> turned out to have no clothes.Crypto.com, however, managed to weather the storm, though not perfectly. The company accidentally sent some $400 million to the wrong account in November 2022, prompting some users to pull their money out of the platform. At the start of 2023, <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-layoffs-job-cuts-ftx-valuation-tech-markets-cro-2023-1">it laid off 20% of its workforce</a>, blaming economic headwinds and FTX's collapse. The Financial Times reported last June that Crypto.com was operating internal proprietary trading teams, which US regulators had dinged Binance for, even though Crypto.com insisted it was fine. The regulatory environment in the US appears to have made the company a little nervous — it shut down its American institutional exchange in the middle of last year.In the US, Crypto.com has managed to avoid much of the blowback its competitors have faced. (This isn't the case in other countries — in the Netherlands, for example, it was fined for operating without registration.) While the S<a target="_blank" href="https://www.businessinsider.com/sec-binance-coinbase-crypto-digital-currency-2023-6">ecurities and Exchange Commission has gone after</a> Coinbase and Kraken for operating unregistered securities exchanges, it hasn't made a peep about Crypto.com. Crypto.com has so far ducked notice, even though it's running a lot of the same playbook. In April, the company's chief operating officer acknowledged in an interview with Decrypt that its big-budget marketing efforts could put a target on its back but said the trade-off was worth it.Crypto.com's determination to push ahead, both loudly and quietly, has set it up to try to capitalize <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-100000-crypto-winter-bank-crisis-btc-halving-2023-4">on the market's recent run</a>. Bitcoin is once again on the up and up, and so too is Crypto.com. The company is hiring again, it's advertising aggressively again, and it's talking a big game about its business prospects — its CEO, Marszalek, told Bloomberg in April that it was looking to triple its number of registered users.Data from the marketing-intelligence firm Sensor Tower indicates crypto advertisers' digital spending in the US increased by 185% year over year in the first quarter of 2024. Crypto.com spent eight times as much as Coinbase on digital advertising during that period. (It's worth noting that back in the first quarter of 2022, Crypto.com actually outspent FTX on digital ads by a bit.)But the thing about all Crypto.com's advertising dollars is that they seem to be only effective-ish. Data compiled by CCData shows that Crypto.com has a 2.3% market share by trading volumes on the spot market globally, which is about half of Coinbase, which has 4%, and only slightly above Kraken, which has 1.4%. (Globally, Binance is still dominant.) According to Sensor Tower, Crypto.com saw a 140% increase in downloads in March from the prior month, though it fell slightly behind Coinbase, which had a 160% increase. Crypto.com didn't respond to multiple requests for interviews or comments for this story. Most of the people I did speak to gave the verbal equivalent of a shrug when I asked what they thought of the company.One crypto executive said part of the issue was that Crypto.com, being an upstart from Asia, is a little outside Silicon Valley's mainstream crypto circles. Similar to the clubby "<a target="_blank" href="https://www.businessinsider.com/paypal-mafia-members-elon-musk-peter-thiel-reid-hoffman-companies">PayPal Mafia</a>" that <a target="_blank" href="https://www.businessinsider.com/why-paypal-mafia-members-elon-musk-have-been-successful-founders-2022-6">dominated software in the 2010s</a>, a sort of Coinbase crew has its hold on the crypto industry of the 2020s. The exec wasn't too keen on Crypto.com's flashy advertising either, describing it as "decadent" and irresponsible."All that buying of stadiums and renaming stuff, it's just kind of viewed as lame by most people in crypto," they said. "I think the tackiest thing and frankly irresponsible thing to do is to roll out FOMO ads. 'Buy crypto or get left behind' is a really irresponsible message. JPMorgan doesn't do that."And despite the company's ability to dodge serious regulatory scrutiny, it hasn't engendered a lot of goodwill among some crypto evangelists."I'm supportive of bitcoin, but I think Crypto.com is overall a big negative for the American public. It's very confusing. It's a casino," said Alex Gladstein, who as the chief strategy officer at the Human Rights Foundation has argued that bitcoin is important for advancing human rights and freedom. "When you go to the website, they encourage you to try and bet on these coins that go to zero. I don't think it's anything to do with financial empowerment for people or any sort of alternative wealth building."To be sure, <a target="_blank" href="https://www.businessinsider.com/gambling-young-men-sports-betting-crypto-meme-stock-market-addiction-2024-4">the casino thing could be said about most crypto exchanges</a> — and sports-betting apps, and many regular trading apps. Crypto.com seems to be careful about coloring within the regulatory lines. The head of its legal department in the Americas just put out a "crypto legal handbook," which, OK.Crypto.com is embedded in our culture, and it isn't. It's sort of taken on the FTX mantle but with a more anonymous bent. For the company, it's a pretty savvy space in which to operate: ubiquitous but relatively anonymous. For everyone else, mileage may vary on how you feel about the whole thing. It's a good reminder that, whatever the company, it's better to use exchanges only for trading your crypto assets, not for storing them.Maybe Eminem won't come to regret voicing those ads like Matt Damon did. Or maybe in five years we'll be looking back at this moment and saying: "Remember that one crypto company? Is it still where the Lakers play? Or is it now something else?"<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

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