Coinbase ‘everything’s fine’ crypto ad banned by watchdog
A cryptocurrency advert which depicted people in grotty homes singing “everything is fine” has been banned by the advertising watchdog.
The adverts, which included a video ad and three posters and were commissioned by cryptocurrency trading platform Coinbase, were banned by the Advertising Standards Authority (ASA) after an investigation found they trivialised the risks of cryptocurrency.
The ads implied crypto was a solution to cost of living concerns, the watchdog said.
It has informed Coinbase that the ads must not be shown again.
‘Everything’s Fine’
The video advert from Coinbase, which was widely shared on social media, featured several workers singing a satirical song about difficulties in their everyday lives, such as being unable to own a home and the increasing cost of living, saying “everything is just fine”.
A burst sewage pipe, a high street littered with rubbish and rats and a home experiencing a powercut were also depicted.
The three poster adverts showed various financial challenges, such as rising egg prices, with the words “everything is fine”.
The ads sparked controversy among consumers and led to the watchdog receiving 35 complaints.
Coinbase rebuttal
Coinbase denied the ads were irresponsible. The group said it was the largest registered cryptocurrency exchange in the UK, which showed consumer awareness of cryptocurrency had grown, and as a result the ASA’s concerns were no longer relevant.
Coinbase added that cryptoasset businesses were distinct from industries with inherent potential societal harms such as alcohol, tobacco and gambling, which the ASA has provided specific guidance on.
The company also argued it was reasonable to assume consumers would see the adverts as satire, with the video ad in particular being purposely exaggerated for entertainment purposes.
The group rejected claims that the advert encouraged socially irresponsible behaviour and that it trivialised the risks of cryptocurrency.
Upheld complaints
The ASA ultimately disputed these claims, arguing the public would see the phrase as sarcastic instead of satire, and that while the understanding of crypto as an asset had grown, people still lacked substantial knowledge of how the asset works.
The watchdog said: “We acknowledged that the ad was satirical, and consumers were likely to understand that some of the financial hardships depicted in the ad had been exaggerated for humorous effect.
“Nevertheless, they were based on real financial concerns which many consumers would have lived experience of.
“We considered that using humour to reference serious financial concerns, alongside a cue to “change”, risked presenting complex, high-risk financial products as an easy or obvious response to those concerns.”
The ASA also argued that due to the ad being seen on multiple media platforms as well as in public, including rail stations, a large number of consumers who were experiencing financial hardship would see them and be vulnerable to implications that Coinbase could “address their financial concerns”.
Coinbase response
Coinbase said: “While we respect the ASA’s decision, we fundamentally disagree with the characterisation of a campaign that critically reflects widely reported economic conditions as socially irresponsible.
“The advert was intended to provoke discussion about the state of the financial system and the need to consider better futures, not to offer simplistic solutions or minimise risk.
“While digital assets are not a panacea, we believe their responsible adoption can play a constructive role in a more efficient and freer financial system.
Coinbase remains committed to authentic, thought-provoking communication and to operating responsibly within the UK’s regulatory framework.”