A high court in India has received a petition that seeks to have cryptocurrency exchanges include the disclaimers on their advertisements, ensuring they take up at least 80% of the screen. The Delhi High Court has issued notices to regulators and some leading crypto exchanges. It seeks to reign in what it believes are misleading ads on television and other digital media. Regulators in other countries have also expressed similar concerns.
Indian crypto exchanges run standardized disclaimers.
According to the New Indian Express report, a bench consisting of judges DN Patel and Jyoti Singh sought responses from the three leading crypto exchanges in the country—WazirX, CoinDCX, and Coinswitch Kuber. The court also sent the notices to the Ministry of Information and Broadcasting, which regulates advertising in India, and to the Securities and Exchange Board of India. The Delhi High Court was acting after receiving a petition from two lawyers—Vikash Kumar and Ayush Shukla—who sought direction on the adverts that digital currency businesses can run on TV.
UK’s advertisement regulator is also preparing to crack down on crypto ads.
The UK advertising regulatory, the Advertising Standards Authority (ASA), is reportedly preparing a crackdown on the marketing tactics of cryptocurrency companies by publishing misleading advertisements. As reported earlier, ASA has put crypto within ‘red alert’ priority within financial advertising. “We see this [cryptocurrency ads] as an absolutely crucial and priority area for us,” Miles Lockwood, director of complaints and investigations at ASA, told Financial Times. Miles Lockwood further noted that wherever they will find problems, they will crack down hard and fast. The ASA will focus on the ads running on the online and social media platforms and will push to take down misleading and irresponsible promotions.