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UK bans Coinbase ads implying crypto can ease cost of living concerns

The Advertising Standards Authority (ASA) ruled in favour of complaints alleging that Coinbase’s advertisements downplayed the risks associated with investing in cryptocurrency.

The UK's advertising regulator has taken action against a major cryptocurrency company, prohibiting advertisements that suggested investing in crypto could alleviate concerns about the cost of living.

Coinbase's logo displayed on a smartphone screen. The handset is lying on top of an illuminated laptop keyboard.

In August, a series of ads from Coinbase prompted complaints to the Advertising Standards Authority (ASA) due to their depiction of the UK in a state of disrepair, accompanied by a satirical slogan and the company's logo.

The ASA ruled in favor of the complainants, determining that the ads downplayed the risks associated with cryptocurrency, which is largely unregulated in the UK.

Coinbase expressed disagreement with the ASA's decision.

In a statement, the company stated, "Although we respect the ASA's ruling, we strongly disagree with the notion that our campaign, which reflected widely reported economic conditions, was socially irresponsible."

Coinbase clarified that the intention behind the ad was to spark a discussion about the state of the financial system and the potential for alternative solutions, rather than to oversimplify the issues or dismiss the risks.

The advertising campaign included three posters and a video ad featuring a satirical song about the state of the economy, with characters singing about everything being "just fine" amidst scenes of hardship.

The ASA described the ad's content, which included a family home in disrepair, a high street with closed shops and litter, and a supermarket with signs indicating price increases.

The ad's slogan, "if everything's fine don't change anything," appeared alongside Coinbase's logo, reinforcing the satirical tone.

A total of 35 people filed complaints with the ASA, arguing that the ads were irresponsible and trivialized the risks associated with investing in cryptocurrency.

The ASA upheld these complaints in its ruling, which was made public on Wednesday.

According to the ASA, the ads implied that consumers should consider making a financial change by portraying the UK as struggling with issues like the cost of living and home ownership.

The combination of the slogan and the Coinbase logo suggested that the company's services could be a solution to the financial problems highlighted in the ads.

The Financial Conduct Authority (FCA) has previously cautioned potential investors that they should be prepared for the possibility of losing all their money if the value of cryptocurrency collapses.

This is not the first instance of the ASA taking action against cryptocurrency advertisements.

The regulator has expressed concerns about cryptocurrency promotions that fail to adequately disclose the risks involved.

In addition to investigating and banning non-compliant ads, the ASA has noted that digital assets are complex and volatile, and their popularity is growing.

The ASA requires advertisements for crypto products to clearly state that they are not regulated by the FCA and that investors may lose money without recourse.

In response to the ASA's decision, Coinbase acknowledged that digital assets are not a solution to all problems.

However, the company believes that the responsible adoption of digital assets can contribute to a more efficient and freer financial system.

Coinbase stated that it remains committed to authentic and thought-provoking communication, as well as responsible operation within the UK's regulatory framework.

To stay up-to-date on the latest tech news and trends, sign up for our Tech Decoded newsletter; for those outside the UK, sign up here.

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DP World CEO departs amid fallout over Epstein connections

Sultan Ahmed bin Sulayem’s departure follows the revelation of hundreds of emails allegedly exchanged between him and Epstein, as revealed in recently disclosed documents.

DP World's global ports operator has undergone a change in leadership, with the previous head stepping down amidst scrutiny surrounding their association with convicted sex offender Jeffrey Epstein.

Sultan Ahmed bin Sulayem, wearing white, gestures during the World Government Summit in Dubai in 2017.

Sultan Ahmed bin Sulayem's departure as chairman and chief executive follows the release of newly uncovered files, which indicate he exchanged numerous emails with Epstein over the course of a decade.

The mention of an individual in these files does not imply any wrongdoing, and the BBC has reached out to Sulayem for a statement regarding the matter.

On Friday, DP World announced the appointments of Essa Kazim as chairman and Yuvraj Narayan as chief executive, without making any reference to Sulayem, whose photograph appears to have been removed from the company's website.

DP World, a Dubai-owned logistics company with a significant presence in global trade infrastructure, operating port terminals across six continents, has faced increasing pressure from its business partners in recent days.

Earlier in the week, the UK development finance agency and La Caisse, Canada's second-largest pension fund, announced that they would be suspending new investments in the firm.

Additionally, the Prince of Wales' Earthshot project, which received funding from DP World, was reported to the UK Charity Commission following Sulayem's appearance in the recently released files.

The documents suggest a close and extensive relationship between Sulayem, a prominent Gulf business figure, and Epstein, spanning multiple areas of interaction.

US lawmakers Ro Khanna and Thomas Massie have accused Sulayem of being one of several influential individuals associated with Epstein, citing him as one of "six powerful men" linked to the disgraced financier.

The lawmakers, who co-sponsored the legislation that led to the release of the Epstein files last year, claim that certain information was improperly redacted from the documents.

On 9 February, Thomas Massie highlighted a redacted document that appeared to contain an email from Epstein in 2009, referencing a "torture video"; the recipient responded that they would be traveling between China and the US, although the context of the exchange is unclear.

US officials have confirmed that Sulayem was the recipient of the email in question, which was sent by Epstein.

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Ireland Seeks Redemption in Match Without Spectators

Ireland’s Captain Caelan Doris has emphasized that the team must have all players contributing in order to move past their loss to France and secure a win against Italy.

Ireland captain Caelan Doris is urging his team to deliver a strong performance against Italy, following their disappointing loss to France last week.

Historically, Ireland have dominated Italy in their home Six Nations matches, winning their last five encounters by at least 30 points, including a 2024 match where they held Italy scoreless, but a similar outcome is not expected this time around.

Italy's confidence is high after their 18-15 victory over Scotland in Rome, where they excelled in the set-piece and defended well in the closing stages.

Gonzalo Quesada's team put in an impressive display despite the challenging weather conditions, and their win has given them momentum ahead of their trip to Dublin.

In contrast, Ireland's camp has been introspective after their 16-year-low Six Nations loss to France, with head coach Andy Farrell expressing his disappointment and the need for improvement.

Farrell was critical of his team's performance, particularly in the first half, and has made several changes to the lineup for the Italy match, including the exclusion of Josh van der Flier, Jacob Stockdale, Tommy O'Brien, and Cian Prendergast.

The Irish coach has also spoken about the need for his team to "simplify things" and understand their identity, following a clear-the-air meeting with the squad.

Farrell has emphasized the importance of players not overthinking their roles and instead focusing on their strengths, as they prepare to face Italy.

The Irish coach's message to his players is to trust their instincts and not overcomplicate their game plan against Italy.

Ireland's review of their loss to France was a candid and honest assessment, with players and coaches alike acknowledging the need for improvement.

Ireland has made six changes to their team for the Italy match, with newcomers Cormac Izuchukwu and Rob Baloucoune, as well as uncapped lock Edwin Edogbo, set to feature.

Captain Caelan Doris believes that the new players must take ownership of their roles and contribute to the team's overall performance.

Doris expressed his enthusiasm for the team's lineup, despite the changes, and emphasized the importance of cohesion and trust among the players.

The Irish captain's message to the new players is to have faith in their abilities and enjoy the experience, while also focusing on the team's core strengths.

Doris stressed that every player must be fully committed and take responsibility for their actions on the field, in order to achieve a positive outcome.

He added that creating a sense of unity and purpose through their actions can have a profound impact on the team's performance.

Doris reiterated that every player must be fully invested and take ownership of their role, in order to achieve success against Italy.

Edwin Edogbo, the towering Munster lock, is set to make his Test debut for Ireland on Saturday.

Ireland's loss to France was marked by a lack of intent, and head coach Andy Farrell has responded by making changes to the team, including the inclusion of wingers James Lowe and Rob Baloucoune.

The hope is that these changes will help Ireland to rediscover their sense of purpose and direction against Italy.

Lowe, a experienced player, was dropped for the France match, but returns to the lineup, while Baloucoune makes his first appearance for Ireland since November 2022.

The inclusion of Cormac Izuchukwu in the back row is expected to add dynamism and ball-carrying ability to Ireland's attack.

There is also excitement about the potential of Edwin Edogbo, who has impressed for Munster despite struggling with injuries earlier in his career.

Caelan Doris will switch back to open-side flanker, a position he has played before against Italy, and where he has scored tries in the past.

Regardless of his position, Doris is focused on helping Ireland to move past their loss to France and deliver a strong performance against Italy.

The Irish captain reflected on the team's discussions throughout the week, which have centered on accountability, simplicity, and a renewed focus on their core values.

Doris emphasized the importance of the team holding each other accountable and taking ownership of their actions, in order to drive improvement.

The Irish captain acknowledged that the loss to France has served as a reference point, but expressed confidence that the team can learn from the experience and move forward.

Doris believes that Ireland has the potential to improve, but must focus on executing their game plan effectively and trusting their strengths.

The match between Ireland and Italy is scheduled to take place on Saturday, 14 February, at 14:10 GMT.

The Aviva Stadium in Dublin will host the encounter.

Fans can listen to live commentary of the match on BBC Sounds, BBC Radio 5 Sports Extra 2, BBC Radio Ulster, and the BBC Sport website and app, as well as follow live text commentary.

Italy has a chance to cause a major upset in the Six Nations, and will be looking to build on their win over Scotland last week.

The Italians pushed Ireland close last year, losing 22-17, and will be hoping to go one better this time around.

Despite the absence of Juan Ignacio Brex, Italy has a number of threats, including Tommaso Menoncello, one of the most exciting young talents in European rugby.

The Italian forwards have shown their ability to compete with top teams, having dominated Scotland and caused problems for South Africa's pack in November.

Caelan Doris acknowledged that Italy is no longer just a passionate team, but a side with a well-rounded attack and strong defense.

The Irish captain noted that Italy's attack is now a significant threat, and that their ability to play with width and depth makes them a challenging opponent.

Doris also highlighted the improvement in Italy's scrum, as well as the quality of their back three and the physicality of their forwards.

The Ireland team to face Italy is: Osborne; Baloucoune, Ringrose, McCloskey, Lowe; S Prendergast, Casey; Loughman, Sheehan, Clarkson, McCarthy, Ryan, Izuchukwu, Doris (capt), Conan.

Ireland's substitutes for the match include Kelleher, O'Toole, Furlong, Edogbo, Beirne, Timoney, Gibson-Park, and Crowley.

The Italian team features Pani, Lynagh, Marin, Menoncello, and Ioane in the backline, with P Garbisi and Fusco in the half-back positions, and a forward pack consisting of Fischetti, Nicotera, Ferrari, N Cannone, Zambonin, Lamaro as captain, Zuliani, and L Cannone.

Italy's replacement players are Di Bartolomeo, Spagnolo, Hasa, Ruzza, Favretto, Odiase, A Garbisi, and Odogwu.

On Saturday, Hollie Davidson of Scotland will make history by becoming the first female referee to officiate a men's Six Nations match, with the fixture being Ireland's home game against Italy.

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Business

Consider Alternatives to Your Current Bank Account

According to Martin Lewis, the current moment may be an opportune time to consider switching bank accounts.

The complete episode is available for streaming on the BBC Sounds platform.

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