“Love Island” Twins Warned for Their Crypto Ad on Instagram
- The Gale twin’s crypto ad failed to clarify that crypto investments could incur losses.
- The ASA has warned the influencers against sharing similar posts in the future, adding that all ads must comply with existing rules.
The Gale twins, Eve and Jessica, who appeared in the popular British reality series “Love Island,” have been cautioned by the UK’s advertising regulator to avoid posting “irresponsible” crypto investment advertisements. Both stars were accused by the Advertising Standards Authority (ASA) of posting crypto investment schemes on their Instagram stories without proper clarifications.
According to the ASA, one of the posts, made in June by Jessica Gale, claimed that a friend had introduced her to the crypto industry and that it had been essentially an easy way of “making extra money from your phone.”
The siblings reportedly urged their millions of fans to contact another account in two different stories to find out more about the investment. But in response to a complaint, the ASA found the crypto ad irresponsible and warned the influencers against publishing such content in the future.
The Advertising Standards Authority (ASA) explained that Jessica and Eve Gale were responsible for informing their followers about the possibility of losses from cryptocurrency investments, as the market is known to be highly volatile. The ASA said,
We considered the ads were addressed to a general audience who were unlikely to have any specialist knowledge of investing in cryptoassets. We understood such an audience would expect cryptoasset investments to be regulated, with legal protection in place for investment activities. Because the ads did not include any risk warning making consumers aware that cryptoassets could go down as well as up, or that the cryptoassets were unregulated in the UK we concluded that the ads were misleading.
The ASA’s response appears to be the first time the regulator has taken action in response to a crypto ad made by social media influencers. The agency further maintains that these individuals must adhere to all marketing standards.
The ASA noted that it warned the twins that such a crypto ad must not appear again in the form complained about. The regulator reportedly asked the influencers “to ensure that they did not trivialize the investment in crypto assets by implying that it was straightforward or accessible to everyone.”
The advertising regulator added that not including possible risks associated with crypto investments was similar to taking advantage of consumer inexperience. The regulator said it made it clear that future posts must be clear on the possibility of losses in crypto investments.
Following a warning, the ASA can send an advertiser who violates its regulations to Trading Standards, a local government agency in the UK, which could subsequently impose penalties, such as fines.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
