A major cryptocurrency firm linked to former chancellor George Osborne has been banned from running a UK advertising campaign that suggested digital assets could offer an answer to the cost of living crisis.
The Advertising Standards Authority (ASA) has ruled that a series of adverts by US crypto exchange Coinbase were “irresponsible” and “misleading”, saying they trivialised the risks of investing in cryptocurrency by presenting it as a potential response to rising household bills and financial pressure.
Coinbase appointed George Osborne, the former Conservative chancellor, as chair of its global advisory council last year, strengthening its profile in the UK and Europe as it seeks to influence regulation and expand its user base.
Satirical Video and Posters Pulled
The banned campaign included a two-minute satirical video showing scenes of everyday life in Britain falling apart. In the film, people sing cheerfully as homes deteriorate, bins overflow, rats run through the streets and supermarkets hike food prices. Workers are shown losing their jobs, power cuts hit households and sewage spills into public spaces.
The advert ends with the message: “If everything’s fine, don’t change anything,” before cutting to the Coinbase logo.
The ASA said the tone and message implied that using a crypto trading platform could be a solution to serious financial stress, without clearly explaining the risks involved in high-volatility investments.
Posters displayed across high-traffic areas, including the London Underground and major rail stations, carried slogans 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 same closing line: “If everything’s fine, don’t change anything.”
Regulators: Crypto Risks Were Downplayed
The watchdog ruled that the campaign failed to include sufficient risk warnings, despite guidance from the Financial Conduct Authority that cryptoassets are largely unregulated in the UK and that investors should be prepared to lose all their money.
Clearcast, the body that approves TV advertising, had already blocked the video from broadcast, but the ASA confirmed it continued to appear online and in public spaces.
In its ruling, the ASA said the use of humour and social commentary alongside a call to “change” risked presenting complex and high-risk financial products as an easy or obvious answer to economic hardship.
Osborne’s Role and Growing UK Scrutiny
Osborne, who previously advised Coinbase and now chairs its advisory council, has argued publicly that the UK risks falling behind in digital finance. He also holds senior roles at the British Museum and AI firm OpenAI, highlighting his growing presence in global technology and finance circles.
The ruling comes as UK regulators tighten oversight of crypto advertising, following a series of high-profile collapses in the sector and growing concern about retail investors being exposed to extreme market volatility during a prolonged cost of living squeeze.
Coinbase Response
Coinbase said it respected the ASA’s decision but rejected the claim that the advert was socially irresponsible. The company said the campaign was designed to spark debate about the state of the financial system, not to promote cryptocurrency as a quick fix for household financial problems.
The firm added that while digital assets are not a cure-all, it believes responsible adoption could contribute to a more efficient financial system, and said it remains committed to complying with UK advertising and financial regulations.