The UK’s advertising watchdog has banned a series of adverts from cryptocurrency exchange Coinbase after ruling that they irresponsibly implied cryptocurrency could help address the cost of living crisis.

In a decision published following 35 complaints, the Advertising Standards Authority (ASA) said the campaign “trivialised the risks of cryptocurrency” and positioned Coinbase as a potential alternative to traditional financial systems at a time when many consumers are experiencing financial difficulty.

The ruling covers a video-on-demand advert and three posters seen in August 2025. The video featured working adults singing a satirical, upbeat song about difficulties in their everyday lives, including rising living costs, an inability to buy a home and job losses. Despite these concerns, the characters danced cheerfully and repeatedly sang that “everything is just fine”.

The three posters used a similar visual approach. Each featured repeated small white text reading “EVERYTHING IS FINE” on a blue background, with negative space revealing large messages stating “HOME OWNERSHIP OUT OF REACH”, “EGGS NOW OUT OF BUDGET” and “REAL WAGES STUCK IN 2008”. All carried the line “IF EVERYTHING’S FINE DON’T CHANGE ANYTHING” alongside the Coinbase logo.

In its assessment, the ASA said it understood that the rising cost of living had been widely reported in the British media and that many consumers would relate to the financial concerns referenced. It concluded that the phrase “If everything’s fine, don’t change anything” would be understood as sarcastic, suggesting dissatisfaction with current financial circumstances and encouraging consumers to consider alternatives to traditional financial institutions, with crypto on hand to save us all.

Or, by the ASA’s reckon, pairing that message directly with the Coinbase logo, the regulator said the ads had the effect of positioning Coinbase as part of the solution to those financial problems. However, it said cryptocurrency investment was complex, high risk and largely unregulated – so, maybe not an ideal solution for those experiencing financial difficulties.

While acknowledging the satirical tone of the video, the ASA said that using humour to reference serious financial concerns, alongside a cue to “change”, risked presenting high-risk financial products as an easy or obvious response.

“Because the ads implied that cryptocurrency could be an alternative to the prevalent financial concerns associated with the cost of living, we considered that they trivialised the risks associated with cryptocurrency investment,” the ASA said, concluding that the ads were irresponsible and breached CAP Code rule 1.3 on social responsibility.

Coinbase argued that the adverts were satirical, did not contain calls to action and did not explicitly or implicitly suggest cryptocurrency as a solution to individual financial hardship. The company said consumers were increasingly aware of cryptocurrency risks, and pointed to risk warnings included during its onboarding process and within its user agreements.

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Responding to the decision, a Coinbase spokesperson said: “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.

“While digital assets are not a panacea, we believe their responsible adoption can play a constructive role in a more efficient and freer financial system. Coinbase remains committed to authentic, thought-provoking communication and to operating responsibly within the UK’s regulatory framework.”

Coinbase is advised by former chancellor George Osborne, who chairs its global advisory council. The ASA ordered that the adverts must not appear again in their current form and told the company to ensure future advertising does not trivialise the risks of cryptocurrency or imply it is a solution to widespread financial concerns.

A Rough Week for UK Crypto

The Coinbase ad ban is just the latest sign that UK crypto firms are feeling the squeeze.

A report released earlier in the week from the Cryptoasset Business Council found that high-street and challenger banks are increasingly blocking or limiting crypto transactions, with around 40% of payments to exchanges either delayed or rejected.

Banks including Virgin Money, Metro Bank, Starling, TSB, Chase UK, Revolut, and Monzo were singled out for blanket restrictions, poor communication, and frustrating transfer caps.

Seventy per cent of surveyed exchanges described the banking environment as hostile, with many scaling back investment, hiring, and expansion plans in the UK.

The study warns that without clearer rules and risk‑based banking frameworks, digital asset firms will continue to navigate a patchwork of barriers, leaving the country’s ambition to become a global crypto hub in choppy waters.