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Crypto Trading BitMEX for derivatives receives a complaint

2019-08-14 09:05 am | Resource: News Section | No Views : 28

Crypto Trading BitMEX for derivatives receives a complaint The UK Advertising Standards Authority (ASA) has upheld its complaint against Bitcoin's announcement from the Crypto Trading BitMEX derivatives exchange.
According to the ASA announcement of August 14, Wednesday, the regulator faced a problem with the alleged misleading nature of charts showing the price of Bitcoin (BTC) performance in a newspaper in January this year.
As the ASA chart illustrates, the ad in question consists of multiple spreads for the logarithmic graph showing the value of Bitcoin against the US dollar over the past decade.
Besides the chart, the BitMEX announcement included two texts: the first, on the right page, read: "January 3, 2009. Ten years ago today, the first block of Bitcoin blockchain referred to the first page of The Times." It was written: "January 3, 2019. It turned out that this was a big problem."
ASA says it has received four complaints, all accusing the ad of being misleading on the grounds of either over-investing in Bitcoin or failing to clarify the investment risk originally.
In its official response, HDR Global Trading, the parent company of Crypto TradingBitMEX, set the context for the announcement, noting that it was part of a campaign to celebrate the 10th anniversary of the Bitcoin Genesis Block Extraction on January 3, 2009.
This included a front page footage of a national newspaper with the words "Thank you Satoshi, we owe you. Happy Birthday 10, and Bitcoin".
BitMEX has defended itself by noting that it does not buy or sell Bitcoin, and only facilitates access to the crypto derivatives markets to enable peer-to-peer trading.
The exchange added that, according to this argument, "has no direct financial interest in the value of the cryptocurrency itself," and therefore was intended to advertise and not for sale.
Crypto Trading BitMEX also argued that the scale used on the chart was appropriate and clearly named, noting that:
"The logarithmic scale of the graph has significantly reduced its rise in value, which appeared to be a modest upward growth rather than the growth of about 5,200,000% since August 18, 2010."
However, ASA considered that the range used in the chart was subject to misinterpretation by a broad audience lacking specialized knowledge. He also considered Hayes' references to Bitcoin as "still a great experience" and other insufficient data to illustrate the investment risks involved.

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