Compliance Updates
ASA Bans 7 Crypto Ads in the UK
UK advertisements watchdog has banned seven cryptocurrency ads by categorising them as “red-alert priority”. The banned ads include ones by Coinbase and Papa Johns.
The Advertising Standards Authority (ASA) said its rulings follow proactive monitoring of cryptoasset ads, and form part of a wider project that will eventually shape specific guidance around advertising these products in 2022.
It added that consumers need to know about the risks of investing in cryptoassets and companies should make sure that their ads aren’t misleading or socially irresponsible, and don’t take advantage of consumers’ lack of awareness around these “complex and volatile products”.
A Twitter bio for a cryptocurrency trading platform Coinburp, cryptocurrency promotion by Papa John’s and a digital poster for online cryptocurrency exchange Payward were all banned, mainly for “irresponsibly taking advantage of consumers’ inexperience.”
The Coinburp ad also failed to illustrate the risk of the investment, ASA said.
A YouTube video promoting Exmo Exchange, an in-app ad for Luno Money, a paid-for Facebook ad for Coinbase Europe, along with an ad for eToro were also among the offenders.
“We’ll continue to review cryptoasset ads over the next few months, not just for cryptocurrencies but also for nonfunglible tokens and fan tokens, and this will feed into our future enforcement work and guidance,” the authority said.
“Cryptoassets are a red-alert priority issue for us, so we’re conducting proactive monitoring and interventions where we find issues,” said Miles Lockwood, director of complaints and investigations.
“Our rulings published today and over the next few weeks will shape follow-up enforcement work in the new year to bring all cryptoassets ads into line with our expectations and will form the basis of updated guidance.”
“We won’t hesitate to take action against ads that break our rules. We encourage anyone with any concerns about ads they’ve seen to get in touch.”
Elizabeth Rayment, director at Your Mind Media, said the ban of the crypto-related ads by the UK watchdog “comes as regulators move to set up rules around the crypto industry in general, be it trading or advertising to protect retail users”.
“While cryptocurrencies have gained significant popularity recently they are still unknown to many consumers. The understanding of cryptocurrencies, their financial impact and the risk they involve remains limited among the general public and as such, advertising to them can be seen as concerning.”
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Booming Games, a rapidly expanding provider of iGaming content, has successfully secured a Danish Gambling Authority (Spillemyndigheden) license, marking a major milestone in the company’s efforts to broaden its presence across Europe.
Booming Games has officially secured its B2B gaming license from the Danish Gambling Authority (DGA), enabling the company to supply its renowned content to licensed gambling operators across Denmark. Danish players can now enjoy popular titles such as Burning Classics, TNT Bonanza, Cash Pig, Buffalo Hold and Win Extreme, and Gold Gold Gold.
This achievement marks a significant milestone in Booming Games’ strategic expansion into the European market. By obtaining the DGA license, the company strengthens its position as a leading iGaming content provider and unlocks new opportunities within the region. With the Danish license complementing its existing portfolio of certifications, Booming Games is poised to deliver outstanding gaming experiences to players throughout Europe.
Frederik Niehusen, Chief Commercial Officer at Booming Games, said: “We are excited to announce the acquisition of our full Danish B2B gaming license. This milestone further expands our presence in the fast-growing Danish market. It positions us to leverage our strengths and enhance our product portfolio to meet our customers’ needs better.”
The post Booming Games Receives Danish License Approval appeared first on European Gaming Industry News.
Industry-leading provider secures license to provide slots and live content in Denmark
Award-winning casino content provider Stakelogic has obtained a license from the Danish Gambling Authority, Spillemyndigheden, to provide its gaming content in Denmark.
The license will allow Stakelogic to bring its premium portfolio of online casino slots and live dealer content to the Danish market, including recent releases like Fire and Gold Cluster Breaker, Super Wheel Game Show, Trident of Legends, and The Watcher.
Stakelogic is able to partner up with leading Danish operators, establishing itself as a must-have provider in the country. The move further highlights Stakelogic’s commitment to strengthening its position in the European market and exploring new and exciting regulated markets.
The license also further cements the company’s presence in the Scandinavian markets, having secured a license from the Swedish authority, Spelinspektionen, in 2023 and establishing itself as a popular provider among Swedish players.
Denmark is one of Europe’s fastest-growing markets, with a strong focus on customer care and responsible gambling. Stakelogic is proud to have met all the requirements needed to obtain the license, highlighting its commitment to providing players with the best and safest gaming experiences.
Stephan van den Oetelaar, CEO at Stakelogic, said: “Denmark is one of the fastest growing markets in Europe, and we are proud to have achieved a license to the newly regulated market.
We are grateful to Spillemyndigheden for their support in us and we are excited to take our next steps into the market.”
The post Stakelogic Secures License to the newly regulated Danish market appeared first on European Gaming Industry News.
Charles Counsell OBE has been appointed as Interim Chair of the UK Gambling Commission (UKGC) for a nine month term which will commence on 1 February 2025.
Charles was Chief Executive Officer of The Pensions Regulator from April 2019 to March 2023. Prior to this he was CEO of the Money Advice Service, and Executive Director of Automatic Enrolment at The Pensions Regulator.
As CEO of The Pensions Regulator, Charles developed the new corporate strategy to put the pension saver at the heart of the Regulator. He delivered their first Equality, Diversity and Inclusion Strategy and Climate Change strategies – both focused on driving change in the regulator and across the Pensions Sector.
Throughout his career, his roles have focused on setting up and delivering large change programmes requiring significant stakeholder relationship engagement: initially in the private sector and latterly in senior public sector appointments.
The post UKGC Appoints Charles Counsell OBE as Interim Chair appeared first on European Gaming Industry News.
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