UK Advertising Watchdog Bans Coinbase Ads for Suggesting Crypto Could Ease Cost of Living Crisis
The UK’s Advertising Standards Authority (ASA) has banned a set of adverts from Coinbase, a leading US cryptocurrency exchange, for suggesting that using its services could help address the ongoing cost of living crisis. The ASA ruled the adverts were “irresponsible” and “trivialised the risks of cryptocurrency,” raising concerns about the messages being conveyed to consumers during a financially challenging period.
Controversial Campaign Highlights Economic Struggles
Coinbase’s advertising campaign, launched in August 2025, features a sarcastic two-minute video depicting a series of bleak and deteriorating scenarios within British communities. The ad shows homes falling into disrepair, power outages, increasing supermarket prices, job losses among white-collar workers, sewage pipe bursts, and rubbish piling up on the streets. Throughout the video, characters sing ironically that “everything is just fine, everything is grand,” contrasting sharply with the visual calamities around them.
The clip concludes with the phrase “If everything’s fine, don’t change anything,” which is then replaced by the Coinbase logo. The implication that cryptocurrency could provide an alternative solution to financial difficulties was central to the ASA’s criticism.
Advertising Standards Authority’s Concerns
The ASA found the adverts to be problematic because they used humour to address serious financial issues, linking them to “complex, high-risk financial products” like cryptocurrency in a way that could mislead viewers. The watchdog stressed that the adverts failed to mention the high risks involved in investing in cryptocurrencies, missing a key requirement given the Financial Conduct Authority’s (FCA) warnings about the largely unregulated and high-risk nature of digital assets.
In addition to the video, three posters from Coinbase were also banned. These featured statements such as “Home ownership out of reach,” “Real wages stuck in 2008,” and “Eggs now out of budget,” alongside the repeated phrase “Everything is fine” and the Coinbase logo. These posters were displayed prominently in busy public spaces such as the London Underground and rail stations.
Regulatory Background and Industry Context
The FCA has repeatedly cautioned consumers that cryptocurrencies carry substantial risks and that investors should be prepared to lose all their money. Clearcast, the body responsible for approving UK television adverts, had already banned the Coinbase video from TV broadcasts. However, the adverts continued appearing online and in public venues until the ASA’s intervention.
George Osborne’s Role
Coinbase appointed former Conservative Chancellor George Osborne to chair its global advisory council in December 2024. Osborne has been advising the company for two years and has actively participated in policy discussions aimed at supporting cryptocurrency regulation and adoption in the UK and EU.
Osborne recently highlighted in a Financial Times column the risks of the UK falling behind in the cryptocurrency sector and the threat of missing out on a new wave of demand. He also holds appointments with OpenAI and serves as chair of the British Museum, alongside co-hosting a podcast with former Labour minister Ed Balls.
Coinbase’s Response
A spokesperson for Coinbase responded to the ASA’s ruling, stating:
“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.”
The company emphasized that although digital assets are not a “panacea,” their responsible adoption could contribute to a more efficient and freer financial system. Coinbase reaffirmed its commitment to authentic, thought-provoking communication and adherence to the UK’s regulatory framework.
The ASA’s ban on Coinbase’s adverts underscores the sensitive nature of cryptocurrency promotion amid ongoing economic difficulties and regulatory scrutiny. It highlights the importance of clear messaging about the risks associated with investing in digital currencies, especially in vulnerable financial climates.