Binomo - Binomo

Recommendation: Upheld | Medium: Suo Motu - NAMS (TAMS)

The ASCI had approached yourselves for your response in addressing the objection raised in the complaint. You were offered an option to seek Informal Resolution (IR) of the complaint by modifying or withdrawing the claim objected to in the advertisement, or alternately to substantiate the claim with the required supporting data. In the absence of a written response along with documents for substantiation on or before the prescribed due date, the CCC considered this complaint exparte. The advertiser is a trading platform for Cryptocurrency. The instagram advertisement does not carry a disclaimer to mention, “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions". In the absence of a disclaimer, the advertisement is misleading by omission. This advertisement is in contravention of Chapter I, Clause 1.4 of the ASCI Code, Clauses 1.1, 1.1 (a), 1.1(d) of ASCI Guidelines for Advertising of Virtual Digital Assets and Linked Services, and ASCI Guidelines for Disclaimers made in supporting, limiting or explaining claims made in advertisements. Complaint was Upheld