Mega Millions – Concern Over Unregulated Crypto Ads
As advertisements for cryptocurrency trading continue to appear on billboards and sports arenas around the world, there are growing concerns about the unregulated sector.
Hundreds of millions of dollars invested in advertising campaigns, with the aim of “normalizing” the digital sphere.
The CEO of Crypto.com told The Age that sports is particularly appealing because it allows the company to connect with many normal and ordinary people at once.
But consumer advocates warn that the “mainstreaming” of crypto trading apps is concerning.
Singapore-based Crypto.com recently launched a massive campaign in all corners of the world, vying to become the most recognized trading platform.
In 2021, the company paid over US$700 million to rename the Los Angeles arena formerly known as Staples Center, to the Crypto.com arena.
The app was also one of the four main sponsors of the recent Academy Awards.
All of this has experts concerned about how companies are trying to appeal to a mainstream audience that likely has minimal understanding of crypto.