Coinbase’s Latest Ad Sparks Firestorm in UK—Here’s Why Traders Are Fuming
Coinbase just lit a match in the UK's financial tinderbox—and regulators aren't laughing.
The crypto exchange's provocative new campaign slams traditional finance with all the subtlety of a Bitcoin bull run. No surprise, it's triggering pearl-clutching from Westminster to Canary Wharf.
Behind the outrage? A not-so-veiled jab at legacy banks' 3-day settlement cycles—while Coinbase touts instant crypto transactions. The Financial Conduct Authority's inbox is reportedly overflowing with complaints from incensed bankers who still think blockchain is a type of ski lift.
One City analyst quipped: 'Nothing unites old money like seeing their lunch get eaten by a Californian tech firm.' Meanwhile, retail traders are piling into BTC futures—because nothing fuels adoption like a good controversy.
Coinbase’s Controversial UK Ad is Drawing Debate Across the Board
Coinbase, one of the world’s largest crypto exchanges, has set some ambitious goals lately, and market expansion is a big piece of that. To that end, the firm attempted to air a commercial on British television, but it was subsequently banned.
As Coinbase founder Brian Armstrong weighed in, the controversy has split opinions throughout the UK.
Our ad which got banned in the UK by the TV networks has sparked quite a reaction. If you can’t say it, then there must be a kernel of truth in it.
Needing to update the system and improve society is not a political statement on either party in the UK (some have tried to turn it… https://t.co/VJqyYnnI2W
Crypto-specific British communities enjoyed Coinbase’s ad, while more generalized UK forums disapproved.
Coinbase depicted a dour economic future for the UK, with chaos, layoffs, street garbage, a high cost of living, and elites abandoning the country for sunnier shores.
However, the ad didn’t depict Coinbase’s own operations in any capacity, only flashing the exchange’s name at the end. Wintermute CEO Evgeny Gaevoy wanted a more positive vision.
“I think this ad was a mistake and a missed opportunity. You’ll end up alienating people living in UK (because a hyperbolic depiction of everything wrong inevitably makes people defensive). You could have made it about the Online Safety Act, cypherpunk values, etc, and gotten your point across a lot better,” he claimed.
To be clear, he didn’t disagree with the ad’s grim depiction of Britain’s economic future. Rather, is this the best way to tell the UK about Coinbase?
Crypto’s decentralized ethos is especially relevant in light of Britain’s controversial new age verification laws. However, this commercial doesn’t give the audience a real reason to choose Web3 instead.
Several prominent UK crypto enthusiasts agreed with this characterization, pointing out that Coinbase is an American company. This mocking tone might come across as condescending to the general public, especially without stating crypto’s benefits.
Still, the commercial certainly has vocal fans, and it’s hard to say which camp is larger.
Coinbase tried a similar tactic in the UK in 2021, when its ad was pulled for being “irresponsible and misleading.” This new commercial is trending on social media after the ban, so it’s getting the chance to convince a huge audience. The only question, then, is how this HYPE will translate to new users.
Britain is in dire need of positive crypto representation, especially in light of growing institutional hostility and a possible government BTC sell-off. Yet, digital asset marketing remains a major hurdle for companies trying to enter this market.
