Regulator accused BitMEX of publishing an incorrect BTC ad

by in Cryptocurrency News

Bitmex ad The Times

The UK Advertising Standards Authority (ASA), which is a self-regulatory organization, has notified HDR Global Trading Ltd (BitMEX operator) that the first cryptocurrency ad, posted on January 3 this year in The Times, is misleading and also contains exaggerations. So, the ASA emphasized that on the logarithmic chart of Bitcoin prices published in The Times, the distance between the marks of 1 and 100 is equal to the distance between 100 and 1000. Agency experts admitted that such a display of information was really necessary in order to demonstrate tremendous growth, but pointed out that for the correct interpretation, special knowledge was needed that readers of The Times might not have.

According to the ASA, readers could misinterpret the data on the price and stability of bitcoin because of this chart, and BitMEX did not warn them about the risks of investing, which violated the standards.

Agency officials decided that this announcement should no longer be published, and HDR Global Trading Ltd was asked to clearly describe the risks in advertising materials.

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Recall that earlier the media reported that the Commission on the derivatives trading of the United States (CFTC) launched an investigation into BitMEX.