UK bans Coinbase advert after the Advertising Standards Authority prohibited a two-minute Coinbase commercial from appearing as paid placements on YouTube and other streaming services. The ban followed 35 complaints from members of the public, which led the regulator to review the campaign. The ASA’s restriction also extends to physical billboards at train stations and across the London Underground unless Coinbase makes specified changes to the campaign. The decision prevents the two-minute spot from running in those paid placements until it complies with the ASA’s guidance.
The regulator ruled the advertisement irresponsible because it positioned cryptocurrencies as a solution to financial difficulties without clearly stating the risks of digital assets. The commercial did not mention Bitcoin, contained no small print and featured on-screen text reading “If everything’s fine, don’t change anything.” Coinbase said consumers are increasingly aware of digital assets and argued that Bitcoin should not be equated with gambling; the company will still be able to show the “Everything Is Fine” creative on social media but not as a pre-roll advertisement on YouTube or before TV shows and films unless it is tweaked to comply. The ad was released last summer and attracted millions of views online.
The Advertising Standards Authority (ASA) ruled the Coinbase advert irresponsible and said the campaign positioned cryptocurrencies as a solution to financial difficulties without clearly setting out the risks of digital assets. The regulator said this presentation could imply to consumers that they should make a financial change, writing: “By presenting the country as failing in areas such as the cost of living and home ownership, the ads implied to consumers that they should make a financial change … We considered this had the effect of positioning Coinbase as an alternative to traditional financial systems.” The ASA highlighted the absence of clear risk information as central to its finding. The ruling described the advert’s overall tone as inappropriate for marketing complex and high-risk financial products.
The ASA also criticised the use of humour in the creative, stating: “We considered that using humour to reference serious financial concerns, alongside a cue to ‘change’, risked presenting complex, high-risk financial products as an easy or obvious response to those concerns.” The regulator noted that the advert depicted Britain negatively, with scenes representing inflation, rising living costs and job losses. The ASA concluded those elements, combined with the advert’s messaging, made the campaign irresponsible in its commercial context. The decision focused on the advert’s messaging and portrayal rather than the advertiser’s broader intent.
The two-minute Coinbase advert that faced a ban was marked by several distinct elements in its presentation. Most notably, the advertisement did not make any reference to Bitcoin, a primary digital asset associated with Coinbase, and it notably lacked any small print. The on-screen text in the advert was a prominent feature, displaying the message: “If everything’s fine, don’t change anything.” This aspect of the advert was intended to capture attention without providing detailed or fine print information about the associated risks.
Released last summer, the advert leveraged its format to attract a significant online audience, reportedly drawing millions of views. The campaign’s visual storytelling and text elements were crafted to engage viewers and promote cryptocurrency engagement, albeit in a manner that later drew the attention of advertising regulators for the implications and perceptions it created among audiences. The ad’s widespread reach indicates its successful engagement with the public before regulatory intervention.
Coinbase responded to the ban by arguing that consumers are increasingly aware of digital assets and that Bitcoin should not be equated with gambling. The company said the ads “did not encourage socially irresponsible behaviour … They did not explicitly or implicitly suggest any specific solution to the highlighted problems.” Coinbase also stated that the main characters in the advert were depicted as being financially stable and not inherently vulnerable. The firm framed its defence around consumer awareness and the portrayal of characters rather than an intent to promote risky behaviour.
Coinbase noted it would still be able to show the “Everything Is Fine” creative on social media, while adjustments could be made to comply with regulations for other placements. Coinbase CEO Brian Armstrong described the situation as censorship and said: “If you can’t say it, then there must be a kernel of truth in it.” The company emphasised that its position distinguished between raising awareness of digital assets and encouraging irresponsible financial decisions. Coinbase presented its response as a defence of its messaging and the portrayal used in the campaign.
The ‘Everything Is Fine’ creative can still appear on social media but not as a pre-roll ad on YouTube or before TV shows and films. The ASA’s restriction prevents the campaign from running in those paid placements until it complies with the regulator’s guidance. The campaign’s billboards at train stations and across the London Underground are also barred from reappearing unless Coinbase makes specified changes. Coinbase has the option to tweak the campaign to try to meet regulatory requirements for those placements.
Account openings in the UK require customers to complete a short quiz about digital assets and observe a 24-hour cooling-off period before accounts become active. These onboarding requirements form part of the regulatory context Coinbase cited when outlining how it manages consumer protection in the market. Coinbase has indicated it could adjust its advertising approach to align with such regulatory measures if needed.
The Advertising Standards Authority has banned Coinbase’s two-minute advert, ruling it irresponsible because it positioned cryptocurrencies as a solution to financial difficulties without clearly stating the risks of digital assets and because it used humour alongside a cue to ‘change’ in relation to serious financial concerns. The ASA noted the advert portrayed Britain negatively with scenes of inflation, rising living costs and job losses, and said those elements implied consumers should make a financial change.
Coinbase disputed the regulator’s findings, arguing that consumers are increasingly aware of digital assets, that Bitcoin should not be equated with gambling, that the ads “did not encourage socially irresponsible behaviour” and that the main characters were depicted as financially stable and not inherently vulnerable, while CEO Brian Armstrong described the situation as censorship, saying: “If you can’t say it, then there must be a kernel of truth in it.”
As a result of the ruling the “Everything Is Fine” creative may still appear on social media but not as a pre-roll on YouTube or before TV shows and films, and the campaign’s billboards at train stations and on the London Underground cannot reappear unless Coinbase makes specified changes; account openings in the UK remain subject to a short quiz about digital assets and a 24-hour cooling-off period.
