BitMEX's 'Misleading' Ad Violated UK Code, Watchdog Says

Law360 (August 14, 2019, 7:01 PM EDT) -- Cryptocurrency platform BitMEX violated the United Kingdom’s advertising code when it took out a two-page ad in The Times that “exaggerated” the potential return on bitcoin investments and misled readers, the Advertising Standards Authority said Wednesday.

BitMEX, owned by Seychelles-based HDR Global Trading Limited, fell afoul of the U.K.’s Non-broadcast Advertising, Sales Promotion and Direct Marketing code, also known as the CAP code, for an advertisement that the ASA said “exaggerated the return on investment [in bitcoin, and] failed to illustrate the risk of investment.”

The advertisement seen in a Jan. 3 version of London-based newspaper The Times can no longer...

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